Bills for Public Officials to Declare Crypto Holdings
Chung Dong-yong, a member of the South Korean National Assembly’s Administrative and Security Committee, has introduced a bill to add cryptocurrency holdings, such as bitcoin, ether, and ripple, to the list of public disclosure items, according to local media.
Chung Dong-yong.
He explained that “the current Public Service Ethics law excludes cryptocurrency, which has recently emerged as a means of property proliferation,” Suwan News quoted him. The publication added that the legislation was jointly initiated by lawmakers Kwon Eun-hee, Park Joo-hyun, Yoon Young-il, Lee Chan-yeol, Jang Jeong-sook, Chun Jung-bae, and Kim Doo-kwan.The bill amends the Public Service Ethics Act to require public officials to declare their cryptocurrency holdings of 10 million won or more (~USD$9,350).