South Korea is set to implement a landmark change in its approach to cryptocurrency regulation. Starting next year, around 5,800 high-ranking public officials will be required to disclose their cryptocurrency holdings. This initiative, part of the country's "Public Ethics and Transparency Initiative," aims to enhance the transparency of public service through the registration of virtual assets.
The move follows the passing of two legislative bills in May, mandating the annual asset disclosure of crypto assets for elected and high-ranking government officials. Additionally, major domestic crypto exchanges like Upbit, Bithumb, Coinone, Korbit, and Gopax are developing an information system for property registration, set to be operational in June. The Financial Services Commission (FSC) and the Bank of Korea are also vested with new powers to oversee crypto operators and asset custodians. These steps signal South Korea's commitment to improving the transparency and regulation of the crypto market.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.