South Korea's ruling party wants crypto disclosure regulations
South Korean authorities have hastened the regulation of cryptocurrencies and related digital assets since Do Kwon's Terra ecosystem crashed in May of last year.
According to the floor leader of the nation's ruling party, a new rule requiring South Korean politicians and senior government figures to disclose their cryptocurrency holdings is anticipated to go into force within the next two months.
The People Power Party Representative Yun Jae-ok was quoted as saying on May 23 by the Korean newspaper Yonhap News that the current deadline for the introduction of the new crypto declaring guidelines, which is set for December, isn't rapid enough.
South Korea's ruling party wants crypto disclosure legislation to take effect sooner
A new regulation mandating South Korean lawmakers and top government officials to reveal their cryptocurrency holdings is expected to go into effect within the next two months, according to the floor leader of the country's ruling party.
The Korean publication Yonhap News reported People Power Party Representative Yun Jae-ok as saying on May 23 that the current timetable for the adoption of the new crypto declaring standards, which is slated for December, isn't quick enough.
Before it is voted on, Yun Jae-ok said that the measure has to be revised once more and a new clause added to advance the date of enforcement.
Yun Jae-ok stated, "It's not suitable to apply the legislation six months after it was promulgated given the present high degree of public attention, especially surrounding MPs.
On May 26, the revised law is slated to be brought up for a vote. Currently, South Korean government personnel are required to disclose any possessions worth more than 1 million Korean won ($760), including stocks, bonds, jewelry, gift memberships, and other assets, but there is no such requirement for cryptocurrencies and digital assets.
The new measure was put out in response to a significant incident involving government employee Kim Nam-kuk, who was suspected of selling off cryptocurrency assets worth more than $4 million before the nation started implementing its "Travel Rule" in March.
In connection with their inquiries into Kim's alleged financial misdeeds, South Korean officials conducted a search on the Upbit and Bithumb offices on the same day that Kim tendered his resignation. Let us see how this act affects future crypto regulation.
Since Do Kwon's Terra ecosystem collapsed in May of last year, South Korean authorities have accelerated the regulation of cryptocurrencies and similar digital assets.
The most recent action by legislators was the presentation of a comprehensive new measure that was presented in April which would aim to impose stricter penalties for crimes using cryptography, including higher fines and sentences that might range from one year to life in jail.
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