Over 400 South Korean officials disclose $9.8M in crypto holdings

South Korea’s Ethics Commission revealed that high-ranking nationalist officials successful the state clasp an mean of 35.1 cardinal won ($24,000) successful crypto assets. 

On March 27, the country’s Ethics Commission for Government Officials reportedly disclosed that much than 20% of the surveyed nationalist officials clasp 14.4 cardinal won ($9.8 million) successful crypto. This means 411 of the 2,047 officials subjected to the country’s disclosure requirements clasp crypto assets. 

The highest magnitude disclosed was 1.76 cardinal won ($1.2 million) belonging to Seoul City Councilor Kim Hye-young. 

The officials held antithetic crypto assets, including Bitcoin (BTC), Ether (ETH), XRP (XRP), Dogecoin (DOGE), Luna Classic (LUNC) and others. 

South Korean nationalist officials disclosed crypto holdings

The disclosure of nationalist officials’ crypto assets follows calls for transparency from its premier minister.

In 2023, South Korean Prime Minister Han Deok-soo said successful a quality league that high-ranking authorities officials must see crypto successful their spot disclosures. The authoritative said crypto should beryllium treated likewise to different assets similar precious metals.

On May 25, 2023, South Korea passed a bill mandating nationalist officials to see crypto successful their nationalist plus disclosures. The caller strategy granted South Koreans entree to the crypto holdings of astatine slightest 5,800 nationalist officials starting successful 2024. 

In June 2024, crypto exchanges successful the state launched accusation proviso systems to simplify the registration of accusation astir crypto holdings. 

Related: South Korea temporarily lifts Upbit’s 3-month prohibition connected serving caller clients

Lawmaker contention spurred crypto disclosure laws

The caller instrumentality was created successful effect to the contention involving South Korean lawmaker Kim Nam-kuk, who was accused of liquidating crypto assets and concealing holdings of astir $4.5 cardinal earlier lawmakers successful the state enforced the Financial Action Task Force’s (FATF) “Travel Rule.”

Kim departed from the Democratic Party astatine the tallness of the arguable suit to relieve enactment members of the load of the lawsuit.

While prosecutors requested a six-month situation condemnation for Kim, the lawmaker was yet acquitted aft a justice ruled that crypto assets were not taxable to nationalist disclosures astatine the clip Kim made the transactions. 

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