South Korea’s government has officially passed the “Kim Nam-guk Prevention Law” which requires officials to disclose their cryptocurrency assets.

On May 25, the National Assembly of South Korea passed the bill which obligates high-ranking public officials and lawmakers alike to report on their crypto holdings, according to a local media outlet. The news agency has also revealed that the law will come into practice from 2024.

The bill, led by conservative lawmaker Lee Man-hee, also imposes a limit on the investment amount for an official involved in the crypto sector. According to local media outlet Chosun Ilbo, former lawmaker Kim Nam-kuk of the opposing Democratic Party is under investigation by local prosecutors for alleged campaign finance violations, tax portals and concealment of criminal proceeds with regards to hidden crypto transactions and possessions.

The latest legal developments come as a response to the Asian nation’s government scandal. The main point of the legal change is to disclose all crypto holdings more than $760 in wealth reporting by senior officials; just like they do with regards cash, gold, government bonds and other assets.

Sources:

https://cointelegraph.com/news/south-korea-bitcoin-crypto-disclosure-bill-passes-national-assembly

https://forkast.news/headlines/south-korea-officials-disclose-crypto/

https://www.news1.kr/articles/5058538

https://www.chosun.com/national/court_law/2023/05/16/DVB3TOKTXZCVHEHDWOHYZ77NH4/?

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