Amending the Public Service Ethics Act regarding the disclosure of cryptocurrency holdings

The South Korean government GOVdrafted an amendment to a law that would require government officials to disclose their cryptocurrency holdings.

Also read: South Korea: Investigators raid the Youbit and Bithumb exchanges

The draft law stated that South Korean government officials are abusing their position, as well as the fact that the current Public Service Ethics Code does not require them to disclose holdings of digital assets, as well as real estate, currency and stocks worth more than $7,500:

“Unlike deposits and securities, all virtual assets must be registered regardless of the amount.”

On the other hand, there are plans to specify relevant details, such as how the value of a digital asset is calculated or displayed, as well as to receive information from the virtual asset operator, with the consent of the person upon registration of ownership.

The draft law, which was submitted on May 19, is currently in a review stage and must be submitted for a final vote in plenary session on May 25.

South Korea: amending a law

Abuse of official position

The draft law says that digital assets are not subject to registration and reporting, so:

“Some government officials in South Korea abuse a higher position, accessing various investment information, to protect property unfairly.”

Where he found the deputy Kim Nam-kuk Himself is reportedly in trouble in early May, after he was accused of conducting shady cryptocurrency deals worth around six billion Korean won ($4.5 million).

The politician was accused of withdrawing his cryptocurrency holdings from the exchange, shortly before the country implemented a so-called travel rule in March 2022, which required owners of crypto assets to conduct real-name transactions.

If proven, it could constitute insider trading, meaning he acted with knowledge of an imminent legal change.

Also read: South Korea: Politician Leaves Party Over Cryptocurrency Scandal

Turn claimed Kim Kim He did not exchange cryptocurrency, but transferred it to a different exchange, and was not required to report his cryptocurrency holdings, under the country’s Public Service Ethics Code.

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