South Korea Passes Bill Mandating Lawmakers Disclose Crypto Assets

With this move, South Korea leap frogs the US and UK, both of which don’t require their high-ranking leaders to disclose crypto holdings

article-image

Alexey Struyskiy/Shutterstock modified by Blockworks

share

South Korea’s National Assembly unanimously passed a bill that will mandate lawmakers and other high-ranking government officials to declare their digital asset holdings.

Each of the 268 members of the unicameral body unanimously passed the Kim Nam-kuk Prevention Act, named after South Korean representative Kim Nam-kuk. This act was introduced following a scandal related to Kim’s undisclosed wemix token holdings. Kim subsequently became an independent lawmaker after his own party opened an investigation into his crypto trading practices. 

According to local media reports, the bill, which successfully cleared a key committee on Monday, was passed with a recent amendment. This amendment mandates that current assembly members must disclose all digital assets acquired from the beginning of their term until May 31, by the end of June.

Traditional assets, such as cash, stocks and real estate, are already subject to similar disclosure laws in South Korea. Though, those types of assets need only be declared if they exceed 10 million South Korean won, lawmaker Chun Jae-soo said

For crypto, every single coin will need to be reported because of unpredictable value fluctuations, Chun added. 

The approved bill will need to be signed by the president, and it will become law after public promulgation, Blockworks previously reported. 

If the bill in South Korea receives presidential approval, the country will surpass both the US and the UK in implementing disclosure reporting guidelines for cryptocurrencies. Notably, neither the US nor the UK currently require their lawmakers to disclose digital asset holdings


Get the day’s top crypto news and insights delivered to your email every evening. Subscribe to Blockworks’ free newsletter now.


Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can’t-miss tweets and more from Blockworks Research’s Daily Debrief.


Can’t wait? Get our news the fastest way possible. Join us on Telegram and follow us on Google News.


Tags

upcoming event

MON - WED, MARCH 18 - 20, 2024

Digital Asset Summit (DAS) is returning March 2024. This year’s event will be held in our nation’s capital, where industry leaders, policymakers, and institutional experts will come together to discuss the latest developments and challenges in the ever-evolving world of cryptocurrency. […]

upcoming event

MON - WED, SEPT. 11 - 13, 2023

2022 was a meme.Skeptics danced, believers believed.Eventually, newcomers turned away, drained of liquidity and hope.Now, the tide is shifting and it’s time to rebuild. Permissionless II is the brainchild of Blockworks and Bankless. It’s not just a conference, but a call […]

recent research

Curve's Stablecoin and Lending Market

Research

AMMs are at the root of everything elegant and useful in DeFi.That's why Curve put LLAMMA at the center of its lending protocol.

/

article-image

Criminal behavior will get you to the bottom of this list

article-image

As markets teeter with uncertainty, both gold bugs and bitcoin aficionados are perking up, spurred by murmurs of a potential change in policy

article-image

OKX has also filed to become a Digital Asset Service Provider in France, which could take up to six months, according to the company

article-image

Several firms have sought to launch leveraged bitcoin futures products, and one such company intends to launch its proposed ETF on June 13

article-image

While the rest of the crypto world is focusing on frivolous non-issues, Brazil is where developers could actually make a difference

article-image

Following community backlash, Metaplex promptly back-pedaled from initial plans, removing some, but not all of the proposed fees