South Korea to Mandate High-Ranking Public Officials to Disclose Cryptocurrency Holdings by Next Year
South Korea has announced that high-ranking public officials will be required to disclose their cryptocurrency holdings starting next year.
In a Wednesday press release , the country’s personnel ministry said this proactive approach is intended to address potential conflicts of interest and promote integrity within the public sector.
The decision comes amidst the growing popularity and adoption of cryptocurrencies in South Korea, where digital assets have gained significant traction among both retail and institutional investors.
By mandating disclosure of cryptocurrency holdings, the government aims to ensure that public officials maintain the highest ethical standards and avoid any potential conflicts that may arise from their involvement in the crypto market.
The new requirement will apply to high-ranking officials across various government agencies and departments.
These officials will be obligated to report their cryptocurrency holdings, including details of the assets they own and the respective amounts.
The move is part of the government’s broader efforts to strengthen regulatory oversight of the cryptocurrency industry and promote transparency in the public sector.
“With the implementation of the licensing regime for VA trading platforms from June this year, the legislative proposal to regulate FRS is another important measure facilitating Web3 ecosystem development in Hong Kong,” the Secretary for Financial Services and the Treasury, Christopher Hui, said.
South Korea’s decision to mandate disclosure of cryptocurrency holdings reflects a growing global trend of increased regulatory scrutiny surrounding digital assets.
As cryptocurrencies continue to gain mainstream acceptance, governments worldwide
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