The South Korean ethical commission has revealed that the high rank of public officials in the country hold an average of 35.1 million wins ($ 24,000) in crypto assets.
On March 27th, the country’s ethical commission for government officials has already reported revealed That is over 20% of those who are public officials holding 14.4 billion wins ($ 9.8 million) in crypto. This means that 411 out of 2,047 officials have undergone the country’s disclosure requirements holding crypto assets.
The highest amount disclosed was 1.76 billion won ($ 1.2 million) belonging to Seoul City Councilor Kim Hye-Young.
Officials will hold various crypto assets, including Bitcoin (Btc), Ether (Eth), XRP (XRP), Dogecoin (Doge), Luna Classic (Lunc) and others.
South Korean public officials announced the Crypto handles
The disclosure of public officials of Crypto Assets follows calls for transparency from its prime minister.
In 2023 South Korea Prime Minister Han Deok-Soo said at a news conference that government officials with high rank Have to include crypto In their disclosure of property. The official said the crypto should be treated similarly to other possessions such as precious metals.
On May 25, 2023, South Korea passed a bill The order of public officials to include crypto in their public disclosure assets. The new system has provided access to South Koreans on crypto holders at least 5,800 public officials starting in 2024.
In June 2024, crypto exchanges in the country launched information allocation systems to simplify registration of information about crypto handling.
Related: South Korea has temporarily raised the 3-month banning of upbit with the delivery of new clients
Legislature controversy has motivated crypto disclosure laws
The new law was created in response to controversy involving South Korean lawmaker Kim Nam-Kuk, accused of Liquidating Crypto Assets And hiding the handling of nearly $ 4.5 million before lawmakers in the country implemented the “FATF)” travel rule. “
Kim Departed from the democratic party At the height of the controversial lawsuit to relieve members of the Party of the burden of the lawsuit.
While prosecutors demanded a six-month prison for Kim, the lawmaker was later released after a judge ruled that crypto properties were not subject to public disclosure at the time Kim made the transactions.
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