South Korea’s National Assembly Political Affairs Committee will review a bill that would require certain crypto influencers to disclose their digital asset holdings and payments received for promoting or advising on virtual assets.
According to local outlet Digital Asset, the committee plans to submit the proposed amendment to the Virtual Asset User Protection Act to a plenary session scheduled for August 26 at 10 AM KST.
Influencers face news disclosure rules
The amendment, proposed by Democratic Party lawmaker Kim Seung-won, targets people who repeatedly provide advice to an unspecified number of individuals with the aim of encouraging digital asset trading, as well as those who promote the purchase or sale of specific digital assets in exchange for compensation.
Under the proposal, covered influencers would have to disclose payments they receive or the type and amount of digital assets they hold. The measure is intended to give investors greater visibility into potential conflicts of interest when crypto influencers promote or discuss specific assets.
New rules for crypto firms
The committee is also set to review several other proposed changes to South Korea’s digital asset framework.
One bill would require virtual asset service providers to store users’ digital assets in separate addresses. Another would require providers to periodically verify the balances of assets entrusted to them and establish risk-management systems.
Lawmakers will also consider an amendment to the Specific Financial Information Act that would abolish South Korea’s “one exchange-one bank” rule. Sponsored by People Power Party lawmaker Kim Seong-won, the proposal would remove the existing principle linking each crypto exchange’s operations to a single banking partner.
South Korea expands crypto oversight
The latest proposals come as South Korea continues to strengthen its broader digital asset framework.
The government recently removed the 1 million won threshold for the crypto Travel Rule, requiring registered virtual asset service providers to exchange transaction information for transfers of any value.
Lawmakers have also proposed giving the Financial Intelligence Unit greater authority to investigate suspected unregistered crypto exchanges and allowing the public to report potential violations directly to the FIU.
Taxation remains another major part of the framework. The government has reaffirmed that its 22% tax on crypto gains will begin on January 1, 2027, following several delays. Finance Minister Koo Yun-cheol said authorities remain open to refining the system after implementation, while a separate lawmaker proposal seeks to postpone the tax to 2030.
Together, the measures show South Korea expanding oversight across crypto promotions, customer asset protection, anti-money laundering and taxation.
What happens next
The rules are first expected to be reviewed at the Political Affairs Committee’s plenary session. If they advance, they would typically move to the relevant Bill Subcommittee for detailed consideration before returning to the Political Affairs Committee.
Further approval by the Legislation and Judiciary Committee and a subsequent plenary vote would be required before the proposals could become law.
The August 26 committee review will therefore be an early step in determining whether the proposed influencer disclosure, customer-asset protection and banking-rule changes move forward in South Korea’s crypto regulatory process.
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