South Korea to disclose top public officials’ crypto holdings next year

South Korea will have its high-ranking public officials disclose crypto holdings starting next year, the country's personnel ministry said.

The Ministry of Personnel Management announced today that the property details — including cryptocurrencies — of about 5,800 public officials will be disclosed on the government’s “Public Ethics and Transparency Initiative” system. This is a portal designed to manage registration and review disclosures of property of public officials.

Such measures come after the country’s lawmakers passed two bills in May, making crypto assets part of the annual asset disclosure required for elected and high-ranking government officials.

“It is expected that the transparency of the public service will be further enhanced through the implementation of an integrated public disclosure service and the registration of virtual assets,” Kim Seung-ho, the minister of personnel management, said in the statement.

The ministry noted that the five major domestic crypto exchanges — Upbit, Bithumb, Coinone, Korbit and Gopax — plan to develop a separate information system in June next year, which could be put to use for property registration.

New legislation

In June, South Korean lawmakers passed legislation to better protect crypto investors. The new legislation, comprised of 19 crypto-related bills, gives the Financial Services Commission (FSC) and the Bank of Korea the authority to oversee crypto operators and asset custodians.

In July, the FSC said it would require domestic companies to disclose cryptocurrency holdings from next year as part of new accounting rules. The new rules will also require crypto issuers to disclose information, including token details, business models and internal accounting policies.