South Korea PM Pushes for Crypto Asset Disclosure by Public Officials: Opportunities and Risks

South Korean PM advocating crypto asset disclosure, Sejong Government Complex, sunlit room, intense discussion, modern painting in background reflecting debate, warm contrast in colors, the mood is serious and decisive, hint of transparency in the atmosphere, focus on unity between officials & technology.

South Korean Prime Minister Han Deok-soo has recently made headlines calling for the disclosure and registration of cryptocurrency assets by high-ranking public officials. This announcement, reported by a local news outlet, came during a press conference at the Sejong Government Complex on May 17. The Prime Minister emphasized the need to include crypto assets in property registration for top public officials, stating that this issue could be discussed and decided in the National Assembly.

Prime Minister Han’s position on this matter is quite clear, as he shared, “Personally, I think it’s right to put it in (in the property registration).” His advocacy for including cryptocurrency in property registration aligns with the existing requirements to register certain thresholds of valuable assets, such as precious metals. Implementing similar regulation for cryptocurrency holdings could prove both beneficial and controversial, as the technology and the markets surrounding it continue to evolve rapidly.

Although no requirements currently exist to disclose cryptocurrency holdings, the responsibility falls on each official to decide whether or not they reveal such assets. However, the South Korean cryptocurrency space has been under heavy scrutiny, especially following the recent revelation of Congressman Kim Nam-kuk’s extensive cryptocurrency investments. This incident has spurred demands for thorough investigations into the cryptocurrency holdings of policymakers, as well as considerations for including crypto assets in property registrations.

Kim Nam-kuk is currently under investigation by the Korean Financial Intelligence Unit, following allegations that the Congressman liquidated around $4.5 million worth of cryptocurrency before the implementation of the Financial Action Task Force’s “Travel Rule.” This development further highlights the importance of regulating disclosure and registration of digital assets among high-ranking public officials.

Source: Cointelegraph

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