Under the rapid development of cryptocurrencies and blockchain technology, the South Korean government announced a new transparency measure aimed at disclosing the cryptocurrency holdings of senior public officials, which is expected to be implemented starting next year.
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Transparency Initiative: Disclosing Public Officials’ Assets
Cryptocurrency Exchanges to Comply with the Policy
New Legislation in South Korea Protects Cryptocurrency Investors
Public Officials in Taiwan Must Also Declare
The personnel management department in South Korea recently announced that around 5,800 senior public officials will be required to disclose their cryptocurrency holdings starting next year. This information will be made public on the government’s “Public Ethics and Transparency Initiative” system, which aims to manage and review the registration and disclosure of public officials’ assets. This move comes after the national legislature passed two bills in May this year, which included cryptocurrencies in the scope of election and annual asset disclosure for senior government officials.
In addition, the five major domestic cryptocurrency exchanges in South Korea – Upbit, Bithumb, Coinone, Korbit, and Gopax – plan to develop an independent information system by June next year, which can be used for asset registration.
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In June last year, South Korean legislators passed a series of new laws aimed at better protecting cryptocurrency investors, including 19 bills related to cryptocurrencies. These new regulations gave the Financial Services Commission (FSC) and the Bank of Korea the authority to oversee cryptocurrency operators and asset custodians.
In July, the FSC announced that under the new accounting rules, domestic companies will be required to disclose their cryptocurrency holdings starting next year. The new rules will also require cryptocurrency issuers to disclose information including token details, business models, and internal accounting policies.
The implementation of these measures not only demonstrates South Korea’s progress in cryptocurrency regulation but also enhances transparency and public trust in public services.
On February 15th this year, the Ministry of Justice’s Anti-Corruption Agency announced that Taiwan has included virtual currency in its anti-money laundering regulations. As virtual currency has financial value, the Ministry of Justice has been considering amending the Public Officials’ Property Declaration Act to include it. Under the current law, intentional false reporting will result in fines ranging from NT$200,000 to NT$4 million; failure to declare within the specified period or intentional false reporting will also result in fines ranging from NT$60,000 to NT$1.2 million.
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Taiwan Ministry of Justice’s Anti-Corruption Agency: Public Officials Must Honestly Declare Virtual Currency Assets, Maximum Fine of NT$4 Million
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Public Officials
South Korea
Further Reading
Developments in Cryptocurrency Regulation in Asia | Hong Kong, Singapore Becoming Preferred Choices for Cryptocurrency Companies? Attention on Taiwan’s Cryptocurrency Special Act
South Korea Establishes Virtual Asset Management and Investigative Agency in Response to Rapid Growth in the Cryptocurrency Market