Korea’s Ministry of Human Resources announced that it will disclose the cryptocurrency holdings of high-ranking public officials starting next year.
Human Resources Department presentation Today, details of assets, including cryptocurrencies, of approximately 5,800 civil servants will be made public through the government’s ‘Public Ethics and Transparency Initiative’. system. Portal for public official registration management and asset disclosure review.
The move comes after the country’s lawmakers. passed two bills In May, it made cryptocurrency assets part of the annual asset disclosure required for elected and high-ranking officials.
Minister of Human Resources Kim Seung-ho said, “We expect that the transparency of public services will be further improved through the introduction of integrated disclosure services and virtual asset registration.”
The Ministry of Land, Infrastructure and Transport announced that the five major domestic cryptocurrency exchanges (Upbit, Bithumb, Coinone, Korbit, and Gopax) plan to develop a separate information system in June next year and use it for real estate registration.
new law
Last June, Korean lawmakers Legislation passed to better protect cryptocurrency investors. The new bill, which consists of 19 cryptocurrency-related bills, gives the Financial Services Commission (FSC) and the Bank of Korea the authority to supervise cryptocurrency operators and asset managers.
Last July, the FSC said: Request for domestic companies to disclose cryptocurrency holdings As part of new accounting regulations from next year. The new regulations also require cryptocurrency issuers to disclose information including token details, business models, and internal accounting policies.Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
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