Source: Cointelegraph Original: "{title}"
The Korean Ethics Committee revealed that senior public officials in the country hold an average of 35.1 million won (approximately $24,000) in crypto assets.
On March 27, it was reported that the country's government officials' ethics committee disclosed that over 20% of surveyed public officials hold 14.4 billion won ($9.8 million) in cryptocurrency. This means that among the 2,047 officials subject to the country's disclosure requirements, 411 hold crypto assets.
The highest disclosed amount was 17.6 billion won ($1.2 million) held by Seoul City Council member Kim Hye-young.
These officials hold various crypto assets, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Dogecoin (DOGE), and Luna Classic (LUNC).
The practice of public officials disclosing crypto assets is in response to the Prime Minister's call for transparency in the country.
In 2023, South Korean Prime Minister Han Deok-soo stated at a press conference that senior government officials must include cryptocurrencies in their asset disclosures. He indicated that cryptocurrencies should be treated similarly to other assets like precious metals.
On May 25, 2023, South Korea passed a bill requiring public officials to include cryptocurrencies in their public asset disclosures. The new system will allow South Koreans to access the cryptocurrency holdings of at least 5,800 public officials starting in 2024.
In June 2024, the country's cryptocurrency exchanges launched an information provision system to streamline the registration of cryptocurrency holding information.
The establishment of the new law was a response to the controversy surrounding South Korean lawmaker Kim Nam-kuk, who was accused of liquidating crypto assets and concealing approximately $4.5 million in holdings before the country's lawmakers implemented the Financial Action Task Force (FATF) "travel rule."
During the peak of this controversial lawsuit, Kim Nam-kuk left the Democratic Party to alleviate the legal burden on party members.
Although prosecutors sought a six-month prison sentence for Kim Nam-kuk, the lawmaker was ultimately acquitted. The judge ruled that cryptocurrencies were not subject to public disclosure at the time Kim Nam-kuk conducted his transactions.
Related: South Korea temporarily lifts Upbit's three-month service ban on new users.
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