- South Korean authorities are now required to disclose cryptocurrency holdings above $760.
- A bill outlining the new law was passed unanimously by lawmakers and was ratified on Thursday, May 25.
- Strict rules on cryptocurrency holdings by civil servants were enacted following a scandal in which Kim Nam Guk was allegedly holding $4.5 million worth of cryptocurrency.
According to South Korean cryptocurrency news, a law has been passed requiring government officials to disclose all cryptocurrency holdings.
The National Assembly’s attempt to adopt the bill means that bitcoins and other crypto assets held by South Korean parliamentarians and other senior government officials must be made public.
South Korean authorities to disclose cryptocurrency holdings
according to locals report According to News1, the country’s parliament unanimously passed the “Kim Nam Guk Prevention Law” on Monday, May 22, and approved it in a plenary session on Thursday, May 25, 2023.
The bill came into effect just days after former opposition lawmaker Kim Nam Guk was found to have held about $4.5 million worth of crypto assets on the Wemix exchange. The revelation caused an uproar and suspicions of money laundering surfaced.
South Korea’s revisions to the National Assembly Act and the Civil Service Ethics Act have made it mandatory for civil servants to comply with the law when holding cryptocurrencies.
Specifically, affected individuals must declare all cryptocurrency holdings of $760 or more. This requirement is for disclosures about cash, stocks and bonds, among other assets.