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Cryptocurrency: South Korea Passes Bill for Officials to Declare Bitcoin Holdings
South Korea reportedly passed a bill that requires legislators to reveal their crypto holdings. The new law was said to have been enacted due to concerns over conflict of interest.
The South Korean government is calling the new rule the “Kim Nam Guk Prevention Law.” Officials passed this bill in response to a scandal where some members of the National Assembly got involved in the transfer of large amounts of cryptocurrencies.
As per CoinTelegraph, South Korea is determined to move forward with this new regulation that will require government lawmakers to report whatever cryptocurrencies they are holding, such as Bitcoin (BTC). It was reported that the country’s National Assembly unanimously voted to pass the bill, so officials, including high-ranking ones, are now obligated to report or declare their crypto assets.
The Kim Nam Guk Prevention Law was approved by the lawmakers on Thursday, May 25, during a plenary session. It was supported by all of the 269 officials present at the assembly. The policy also involved amendments to the National Assembly Act as well as the Public Service Ethics Act. On the other hand,
With this new policy in place, the amendment to the National Assembly Act officially puts crypto assets under the list of registered property of lawmakers. On the other hand, the amendment to the Public Officials Ethics Act also requires all public officials to disclose crypto holdings.
In early May, South Korea’s Democratic Party member Kim Nam Guk was found to own at least KRW6 billion or about $4.5 million worth of crypto assets deposited at Wemix Exchange. The discovery stirred up concerns over possible money laundering, use of insider data, and conflicts of interest.
Apparently, the government quickly acted on this case, and the new law was subsequently created without delay. The main point of this policy is to include all Bitcoin and other crypto assets worth more than $760 when officials are declaring their wealth. Meanwhile, the new bill is expected to take effect in December, but People Power Party’s representative, Yun Jae Ok, is urging officials to implement it next month.