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South Korea is making it mandatory for government officials to disclose their crypto assets by 2024. The Ministry of Personnel Management announced that more than 5,800 officials will be required to disclose their crypto assets under the Public Servants Ethics System.
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Some Korean government officials currently disclose their assets through the official gazette or ministry websites, but as of 2024, at least 5,800 officials’ declarations will be accessible through the Public Servants Ethics System.
In addition, starting in June 2024, major crypto exchanges (Upbit, Bithumb, Coinone, Korbit, and Gopax) will increase transparency by simplifying the recording of their assets with information provision systems. These systems will allow both government officials and exchange users to manage their crypto assets more securely.
This step was taken following the revelation of the crypto assets of Kim Nam-kuk, a member of the Democratic Party, in Wemix (WEMIX) tokens, and concerns about conflicts of interest.
In November, the Democratic Party of Korea passed legal regulations that require candidates to disclose their digital assets. South Korea is moving towards its goal of increasing transparency in the crypto world.
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