In a statement by the ruling party’s floor leader, South Korea plans to implement a new bill requiring lawmakers and high-ranking officials to disclose their cryptocurrency holdings within the next two months.
Representative Yun Jae-ok of the People Power Party (PPP) expressed concern that the scheduled date for introducing the new crypto declaration rules in December is not timely enough, according to a report by Yonhap News on May 23. There is a call to expedite the implementation of these rules for enhanced transparency.
The new bill is set for a vote on May 26, aiming to include cryptocurrencies and digital assets in the existing disclosure requirements for South Korean government officials. Currently, officials must report holdings exceeding 1 million Korean won ($760) of stocks, bonds, jewelry, and gifted memberships, but no such requirement exists for cryptocurrencies.
According to allegations by Yun, Kim Nam-kuk cashed out 250 million won ($189,942) worth of coins in February and March, which significantly exceeds the previously claimed amount of 4.4 million won ($3,342). These allegations emerged in a report, highlighting discrepancies in Kim’s statements regarding the cashed-out sum during that period.
South Korean officials have been accelerating cryptocurrency regulations following the collapse of Do Kwon’s Terra ecosystem in May 2022. Recent development includes a comprehensive bill proposed in April, aiming to impose stricter penalties for crypto-related crimes, with increased fines and sentences ranging from one year to life imprisonment.
South Korea’s new bill mandating cryptocurrency disclosure for lawmakers is a positive step toward transparency and accountability. Allegations of discrepancies in cashed-out sums highlight the need for stricter regulations. Accelerated efforts and comprehensive bills are crucial for safeguarding the crypto market and deterring potential crimes.
Also Read: South Korea Proposes Bill For Officials To Disclose Crypto
