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South Korea's ruling party asks for acceleration of Bill on declaration of virtual assets

The Bill mandates lawmakers and officials to disclose personal crypto holdings

Shashank Bhardwaj
Published: May 25, 2023 05:51:42 PM IST

South Korea's ruling party asks for acceleration of Bill on declaration of virtual assetsImage: Shutterstock

In a statement by South Korea’s ruling People Power Party’s (PPP) parliamentary floor leader Yun Jae-ok, South Korea wants a new bill that requires lawmakers and high-ranking government officials to disclose their cryptocurrency-related assets within two months.

The original bill, which is currently being finalised, had originally been scheduled for implementation in December 2023. Yun has now said it is being amended so as to bring the date of enforcement to within one or two months from now.

It is for enhancing the transparency of these rules that their implementation is being expedited.

"Given the current high level of public interest, especially regarding lawmakers, it's not appropriate to enforce the law six months later after the promulgation," Yun said. He also added that he had requested the leader of the Public Administration Committee to propose a modified version of the law and a vote is scheduled for the same on Friday, May 26.

Independent lawmaker representative Kim Nam-kuk, who was previously with the opposition Democratic Party of Korea, had been reported to local prosecutors by South Korea's financial authorities earlier this month for carrying out suspicious crypto transactions. Kim, however, has refused the violation of any law.

According to allegations by Yun, last year Kim had cashed 250 million won’s ($189,942) worth of coins in February and March, which significantly exceeds 4.4 million wons ($3,342) that had been previously claimed by Kim.

Following Do Kwon’s Terra ecosystem collapse last year in May 2022, South Korean officials have been expediting cryptocurrency regulations. South Korea’s new bill that mandates lawmakers to disclose cryptocurrency is a positive step towards enhanced transparency and accountability. Allegations against huge amounts being cashed-out press on the need for stricter regulations. They call for accelerated efforts through comprehensive bills so as to safeguard the crypto market and deter potential crimes.

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash