A recent rule has mandated South Korean officials to disclose their crypto assets in a bid to increase transparency in their private crypto holdings for the public.
South Korea’s Ministry of Personnel Management has recently announced a crypto disclosure rule that will take effect by 2024. According to the rule, government officials in the country would have to disclose their crypto assets publicly. The Public Official Ethics System will store the record of the crypto holdings, enabling the country’s citizens to view it.
An official press release noted the new order would increase transparency in the public service. Earlier, the public had to read official gazettes or look on ministry websites for such information. The order has streamlined the entire process. The press release also stated crypto exchanges in South Korea will have to create information provision systems.
The Director of Personnel Management, Kim Seung-ho, said, “We expect that the transparency of the public service community will be further increased through the implementation of an integrated service for public official property disclosure and property registration of virtual assets,” in a translated version of his comments.
Crypto disclosure rules are becoming prominent worldwide as authorities aim to increase crypto regulations steadily. In November 2023, Canada also released new rules for financial firms to disclose their crypto holdings. Regulators have cited risk mitigation as a major reason for such rules.
Meanwhile, a few days back, South Korea had also enacted new consumer protection rules for crypto users. The country has aimed to increase the ambit of crypto regulations for a safer climate for traders and investors. The gradual rise in crypto regulations could be an optimistic sign for the crypto industry shortly.
On the other hand, South Korea’s efforts in promoting central bank digital currencies have also picked up pace.
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