South Korea Passes New Bill That Will Increase Crypto Transparency

South Korea

According to a statement made by Yun Jae-ok South Korea wants a new law that would make it compulsory for MPs and senior government figures to show their cryptocurrency-related holdings within 2 months.

The original bill, which is currently being finished, was assumed to go into effect in Dec 2023. As of right now, it is being revised to move up the date of enactment to the next month or two.

The speedy adoption of these guidelines is being done to increase their transparency. It is not suitable to apply the legislation six months after its promulgation, according to Yun, given the present high level of public interest, particularly surrounding MPs.  

South Korean Officials Are Required To Disclose Their Crypto Holdings  

Financial officials in South Korea earlier this month condemned independent legislator Kim Nam-kuk, who had formerly been a member of the opposing Democratic Party of Korea, for engaging in questionable cryptocurrency transactions. However, Kim has rejected breaking any laws.

Yun claims that in February and March of last year, Kim cashed coins totaling 250 million won ($189,942), which is a huge increase from the 4.4 million won ($3,342) that Kim had previously reported.

South Korean authorities have accelerated cryptocurrency legislation since Do Kwon’s Terra ecosystem collapsed last May 2022. The new rule in South Korea requiring MPs to reveal their cryptocurrency holdings is a step in the right direction for increased accountability and openness. Claims that significant sums were paid out highlight the need for tougher controls. They need increased efforts through comprehensive legislation to protect the cryptocurrency business and prohibit criminal activity.