South Korea to mandate crypto disclosure for 5,800 officials in 2024

Nearly 6,000 South Korean officials will be required to disclose their crypto holdings in 2024 as the country wants to enhance transparency and accountability within the public sector.

In a press release on Dec. 27, South Korea’s Ministry of Personnel Management said that starting Jan. 1, 2024, approximately 5,800 public officials would have to disclose their financial holdings, including virtual assets, through the so-called Public Ethics Transparency System. This initiative aims to bolster citizens’ right to information and elevate transparency in public service.

As noted by the ministry, earlier it was inconvenient to check asset disclosure details, requiring individuals to go through bulletins or publications one by one. The updated system is expected to provide a unified view of asset registration details for all public officials from different institutions, along with bulletins and publications.

Altogether, it is anticipated that about 290,000 obligated registrants will submit their asset registrations through the system in the upcoming annual asset change report. The asset details of approximately 5,800 public figures will be disclosed collectively.

Starting from June 2024, major South Korean crypto exchanges, including Upbit, Bithumb and Coinone, will facilitate the reporting of crypto holdings for asset registration, the report reads. With the system, South Korea hopes to eliminate blind spots in asset registration and establish public ethics in line with citizens’ expectations, said Personnel Management Minister Kim Seung-ho.