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Bill Introduced to Make South Korean Officials Declare Their Cryptocurrency Investments

A bill has been introduced in South Korea to require public officials to declare their investments in cryptocurrencies including bitcoin. This initiative follows the recent controversies within the government regarding cryptocurrency regulations, including insider trading and market manipulation.

Also read: South Korea Urges 23 Countries, EU, and IMF to Collaborate on Curbing Crypto Trading

Bills for Public Officials to Declare Crypto Holdings

Chung Dong-yong, a member of the South Korean National Assembly’s Administrative and Security Committee, has introduced a bill to add cryptocurrency holdings, such as bitcoin, ether, and ripple, to the list of public disclosure items, according to local media.

Bill Introduced to Make South Korean Officials Declare Their Cryptocurrency Investments
Chung Dong-yong.

He explained that “the current Public Service Ethics law excludes cryptocurrency, which has recently emerged as a means of property proliferation,” Suwan News quoted him. The publication added that the legislation was jointly initiated by lawmakers Kwon Eun-hee, Park Joo-hyun, Yoon Young-il, Lee Chan-yeol, Jang Jeong-sook, Chun Jung-bae, and Kim Doo-kwan.

The bill amends the Public Service Ethics Act to require public officials to declare their cryptocurrency holdings of 10 million won or more (~USD$9,350). If the officials provide false or misleading information regarding their crypto possessions, Chung proposed a penalty and disciplinary action, Money Today detailed. The Hankyoreh then quoted him saying:

As the government is taking the lead in cryptocurrency regulation, the public sector should take the lead in transparently disclosing the property proliferation through cryptocurrency.

Recent Contention

Since the South Korean government announced its cryptocurrency regulatory measures in December, there have been several controversies and signs of contention among officials.

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