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


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2023

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Cover Vertex.jpg

Research

The proliferation of new perp DEXs has led to fragmented liquidity across various DEXs and chains. Vertex, known for its vertically-integrated DEX that includes spot, perpetual, and integrated money markets, is now tackling cross-chain liquidity fragmentation through horizontal integration with the launch of new Edge instances. Vertex's integrated offerings and cross-margined account structure amplify the benefits of new instances: native cross-chain spot trading, optimized cross-chain basis trading, consistent interest rates, reduced bridging friction, and more.

article-image

Partnering with EtherFi and Angle, the fully on-chain perp DEX features bespoke collateral

article-image

Sponsored

Gavin Wood introduced the next evolutionary step for the Polkadot network: the Join-Accumulate Machine, or JAM

article-image

The side events were the places to be at Consensus 2024, according to attendees

article-image

Also, who’s come out swinging in the spot ether ETF fee war — and who could undercut them

article-image

I know it is not in their nature, but US regulators could learn a lot by researching the digital asset frameworks that overseas regulators have already gotten right

article-image

Also, the ETF hype train can count out at least one member