South Korea reveals senior government officials' cryptocurrency holdings to enhance political transparency

With the rapid development of cryptocurrency and blockchain technology, the South Korean government has announced a new transparency measure aimed at disclosing the cryptocurrency holdings of senior public officials, which is expected to be implemented starting next year.

Transparency Initiative: Disclosure of Public Officials' Assets

The personnel management department in South Korea recently announced that starting next year, about 5800 senior public officials will be required to disclose their cryptocurrency holdings. This information will be made public on the government's "Public Ethics and Transparency Initiative" system, which aims to manage and audit the registration and disclosure of public officials' assets. This move comes after national legislators passed two bills in May this year, incorporating cryptocurrency assets into the scope of annual asset disclosure for elections and senior government officials.

Cryptocurrency Exchanges to Comply with Policies

In addition, the five major domestic cryptocurrency exchanges in South Korea – Upbit, Bithumb, Coinone, Korbit, and Gopax – plan to develop an independent information system for asset registration by June next year.

New Legislation in Korea to Protect Cryptocurrency Investors

In June of last year, South Korean legislators passed a series of new laws aimed at more effectively protecting cryptocurrency investors, including 19 cryptocurrency-related bills. These new regulations grant the Financial Services Commission (FSC) and the Bank of Korea the power to oversee cryptocurrency operators and asset custodians.

In July, the FSC announced that under 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 credibility in public services.

Taiwanese Public Servants Also Required to Declare

On February 15 this year, Taiwan's Ministry of Justice Anti-Corruption Agency announced that as Taiwan has included virtual currency in anti-money laundering regulations. Since virtual currency has financial value, the Ministry of Justice has been considering amending the "Public Officials' Property Declaration Act" to include it. According to current laws, those who deliberately make false declarations will be fined between NT$200,000 and NT$4 million; those who fail to declare within the specified period or deliberately make false declarations will also face fines ranging from NT$60,000 to NT$1.2 million.

Taiwan's Ministry of Justice Anti-Corruption Agency: Public officials must honestly declare their virtual currency assets, with fines of up to NT$4 million

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