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South Korea Lawmakers Pass Law Requiring Officials to Disclose Crypto Holdings: Report
The new rule was fueled by conflict of interest worries.
Lawmakers in South Korea passed legislation on Thursday that will require officials to report their crypto holdings, local outlet News1 reported.
The "Kim Nam-kuk Prevention Act" passed the plenary session of the National Assembly on Thursday via amendments to the National Assembly Act and the Public Service Ethics Act, both of which were approved without a dissenting vote, according to the story.
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That officials disclose their crypto holdings became an important topic after suspicions emerged that former Democratic Party lawmaker Kim Nam-kuk possessed up to 6 billion won ($4.5 million) worth of crypto, raising conflict of interest alarm bells, the report said. Lawmakers recently called for the bill to take effect within two months.
With passage, crypto holdings would be included under the private interests that members of the country's National Assembly need to report.
The amendment to the Public Services Ethics Act extends to other high ranking government officials, who will also need to disclose their crypto holdings, News1 reported.
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner.
Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
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Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
Was Sie wissen sollten:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
