South Korea’s Ruling Party Wants Disclosure Laws For Crypto To Be Implemented At The Earliest

South Korea

A new bill has been launched in the South Korean parliament, which mandates legislators and high-ranking government officials in the country to declare their crypto holdings. This law will be expected to take effect in the next couple of months, which was mentioned by the leader of the ruling party of the country.

On 23rd May, Yonhap News, a Korean publication went on to report that Representative Yun Jae Ok of the People Power Party had stated that the scheduled date for introducing the new crypto declaration rules wasn’t prompt enough for everyone to see. Also, the representative stated that the bill needed a lot more revision, and also required a new clause that would bring the enforcement date forward before it was voted upon. 

South Korea’s Ruling Party Wants New Bill To Be Implemented At The Earliest

The representative of the South Korean party stated that due to the current high level of interest displayed by the public, especially regarding the legislators in the country, it was not appropriate to enforce this law a whole six months after it was promulgated.

The new bill has been scheduled to be put up on the floor for a vote on the 26th of May. Under the current rules that have been enforced, government officials in South Korea must report bonds, stocks, jewelry, gifted memberships, and other forms of holdings are worth more than 1 million Korean won, but no disclosure for cryptocurrencies and digital assets is required by the government. 

The new South Korean bill was proposed after a major scandal that involved government official Kim Nam-kuk, who was accused of liquidating close to $4 million worth of crypto assets before the country started enforcing the Travel Rule in March.