South Korea’s personnel ministry announced that top public officials will be required to declare their cryptocurrency investments at the start of next year.
The country’s Ministry of Personnel Management revealed that information about the assets, including digital currencies, of approximately 5,800 officials will be available on a government platform called the “Public Ethics and Transparency Initiative.”
This platform is specifically created to oversee and display the financial disclosures of these officials.
This move follows the approval of two bills in May, which mandated that elected officials and senior government figures must include cryptocurrency holdings in their yearly financial disclosures.
Kim Seung-ho, the minister overseeing this initiative, mentioned that this step will boost transparency in the public sector by integrating digital asset disclosures into the broader system of financial transparency.
The ministry observed that the top five local cryptocurrency exchanges — Upbit, Bithumb, Coinone, Korbit, and Gopax — intend to create a distinct information system by next June. This system might be utilized for property registration purposes.
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