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South Korea Crypto- 290,000 South Korean public sector employees will be required to disclose their cryptocurrency holdings starting in February.
The mandate, issued by the Ministry of Personnel Management, extends to include not only the employees but also their spouses and immediate family members.
This decision is a response to a recent ministry announcement, specifying that high-ranking public officials must also disclose their crypto holdings starting this year.
The disclosure requirements stem from the ongoing Coin Gate political scandal, which involves a prominent lawmaker on a crypto-related parliamentary committee allegedly engaging in coin trading using insider information.
The ministry aims to address potential conflicts of interest and enhance integrity within the public sector through these disclosure measures.
In addition to the upcoming disclosure requirements for approximately 290,000 South Korean public sector employees, including their spouses and immediate family members, other public officials, such as lawmakers, were mandated to make public crypto declarations last year.
Additionally, staff at financial regulators have been instructed to declare their coin holdings and refrain from trading cryptocurrencies.
As per the recent report, central and local government officials, along with “civil servants ranked level four and above,” are now obligated to report their cryptocurrency holdings.
South Korea’s civil service operates on a nine-grade system, with grade nine (entry) being the lowest and grade one being the highest.
South Korea Crypto: Public Sector Crypto Disclosure Mandate
The list of South Korean public sector employees obligated to disclose their crypto holdings includes high-ranking police, fire service, and customs officials. Land registrars and tax officers are also required to report their South Korea crypto holdings. In addition to cryptocurrencies, public sector workers must disclose holdings of precious metals, stocks, cash, antiques, and real estate.
Unlike other assets, there is no threshold for South Korea Crypto holdings. The media outlet reported, “All virtual assets held, regardless of amount or quantity, must be reported.” This approach reflects a comprehensive reporting requirement for cryptocurrencies, emphasizing transparency within the public sector.
South Korea Introduces Mandatory Crypto Disclosure for High-Ranking Officials. Read more: https://t.co/V8Q0nX2sOj #South #Korea #Introduces #Mandatory #Crypto pic.twitter.com/PVWno5zdzY
— one2hero (@one2hero_com) December 28, 2023
The South Korean government intends to utilize the gathered data to create a publicly accessible and searchable database.
This database will enable citizens to examine the declared crypto holdings of public sector workers. The Ministry of Personnel Management underscores that inaccuracies in declarations could result in penalties, dismissal, or disciplinary actions.
This initiative is geared towards promoting transparency and accountability within the public sector by ensuring precise reporting of cryptocurrency holdings by government officials.
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