{"id":432525,"date":"2023-12-27T15:22:47","date_gmt":"2023-12-27T14:22:47","guid":{"rendered":"https:\/\/thecoinacademy.co\/news\/south-korea-high-ranking-officials-disclose-cryptocurrency-holdings\/"},"modified":"2023-12-27T15:23:00","modified_gmt":"2023-12-27T14:23:00","slug":"south-korea-high-ranking-officials-disclose-cryptocurrency-holdings","status":"publish","type":"post","link":"https:\/\/thecoinacademy.co\/news\/south-korea-high-ranking-officials-disclose-cryptocurrency-holdings\/","title":{"rendered":"South Korean High-Ranking Officials to Disclose Cryptocurrency Holdings"},"content":{"rendered":"<p>South Korean high-ranking officials will be required to disclose their cryptocurrency holdings starting in 2024.<\/p>\n<ul>\n<li>About 5,800 officials will be affected by this measure.<\/li>\n<li>This initiative aims to strengthen transparency and ethics within the government.<\/li>\n<\/ul>\n<h2 id=\"new-policy-for-south-korean-high-ranking-officials\" class='wp-block-heading' id='h-new-policy-for-south-korean-high-ranking-officials'><span id='new-policy-for-south-korean-high-ranking-officials'>New policy for South Korean high-ranking officials<\/span><\/h2>\n<p>Starting in 2024, South Korea will implement a policy requiring the country&#8217;s high-ranking officials to publicly disclose their cryptocurrency holdings.<\/p>\n<p>This decision, announced by the Ministry of Personnel Management, is part of the government&#8217;s &#8220;Public Ethics and Transparency&#8221; initiative. In total, nearly 5,800 officials will be required to declare their cryptocurrency holdings, which will be accessible to the public.<\/p>\n<blockquote class='wp-block-quote'>\n<p><em>The transparency of public service is expected to further enhance through the implementation of an integrated public disclosure service and the registration of virtual assets<\/em>\u201d<\/p>\n<p><cite> &#8211; the South Korean government said<\/cite><\/p><\/blockquote>\n<p>This measure follows the adoption of two bills in May, which included cryptocurrency assets in the annual asset declarations required for elected officials and high-ranking officials. The objective is to increase transparency and integrity in public service.<\/p>\n<h2 id=\"a-system-designed-to-facilitate-asset-disclosure\" class='wp-block-heading' id='h-a-system-designed-to-facilitate-asset-disclosure'><span id='a-system-designed-to-facilitate-asset-disclosure'>A system designed to facilitate asset disclosure<\/span><\/h2>\n<p>To facilitate this disclosure, five major South Korean cryptocurrency exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax, will develop specific information systems by June 2024.<\/p>\n<p>These systems will simplify the registration of information related to cryptocurrency holdings. This initiative follows an incident involving a member of the Democratic Party, Kim Nam-kuk, who was criticized for holding Wemix tokens worth $4.5 million.<\/p>\n<p>This incident raised concerns about conflicts of interest and the use of privileged information, leading to the amendment of the &#8220;National Assembly Act&#8221; and the &#8220;Public Service Ethics Act&#8221;, ordering officials to disclose their cryptocurrencies.<\/p>\n","protected":false},"excerpt":{"rendered":"South Korean high-ranking officials will be required to disclose their cryptocurrency holdings starting in 2024. About 5,800 officials&hellip;\n","protected":false},"author":8,"featured_media":432527,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":"","original_i18n_url":"https:\/\/coinacademy.fr\/actu\/hauts-fonctionnaires-sud-coreens-divulguer-avoirs-cryptographiques\/"},"categories":[139,151],"tags":[],"coauthors":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korean High-Ranking Officials to Disclose Cryptocurrency Holdings - Coin Academy<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thecoinacademy.co\/news\/south-korea-high-ranking-officials-disclose-cryptocurrency-holdings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korean High-Ranking Officials to Disclose Cryptocurrency Holdings - Coin Academy\" \/>\n<meta property=\"og:description\" content=\"South Korean high-ranking officials will be required to disclose their cryptocurrency holdings starting in 2024. About 5,800 officials&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thecoinacademy.co\/news\/south-korea-high-ranking-officials-disclose-cryptocurrency-holdings\/\" \/>\n<meta property=\"og:site_name\" content=\"Coin Academy\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-27T14:22:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-27T14:23:00+00:00\" \/>\n<meta name=\"author\" content=\"Alex LeRoux\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/0xLeRoux\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Alex LeRoux\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thecoinacademy.co\/news\/south-korea-high-ranking-officials-disclose-cryptocurrency-holdings\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thecoinacademy.co\/news\/south-korea-high-ranking-officials-disclose-cryptocurrency-holdings\/\"},\"author\":{\"name\":\"Alex LeRoux\",\"@id\":\"https:\/\/thecoinacademy.co\/#\/schema\/person\/779a677aec243142aad9d9ebb164f0f0\"},\"headline\":\"South Korean High-Ranking Officials to Disclose Cryptocurrency Holdings\",\"datePublished\":\"2023-12-27T14:22:47+00:00\",\"dateModified\":\"2023-12-27T14:23:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thecoinacademy.co\/news\/south-korea-high-ranking-officials-disclose-cryptocurrency-holdings\/\"},\"wordCount\":273,\"publisher\":{\"@id\":\"https:\/\/thecoinacademy.co\/#organization\"},\"image\":{\"@id\":\"https:\/\/thecoinacademy.co\/news\/south-korea-high-ranking-officials-disclose-cryptocurrency-holdings\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/thecoinacademy.co\/wp-content\/uploads\/2023\/12\/south-korea-high-ranking-officials-disclose-cryptocurrency-holdings.png\",\"articleSection\":[\"Crypto News\",\"Regulation News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\/\/thecoinacademy.co\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thecoinacademy.co\/news\/south-korea-high-ranking-officials-disclose-cryptocurrency-holdings\/\",\"url\":\"https:\/\/thecoinacademy.co\/news\/south-korea-high-ranking-officials-disclose-cryptocurrency-holdings\/\",\"name\":\"South Korean High-Ranking Officials to Disclose Cryptocurrency Holdings - 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