South Korea Approves Cryptocurrency Disclosure

South Korean legislators have been highly active regarding the regulation of cryptocurrencies and related assets.

South Korea Approves Cryptocurrency Disclosure
South Korea Approves Cryptocurrency Disclosure

Officials in South Korea recently approved a proposal to amend the nation’s Public Service Ethics Act to include virtual assets, such as cryptocurrencies.

Currently, government officials are required to disclose stocks, bonds, jewelry, gifted memberships, and other assets worth more than 1 million Korean won ($760).

Still, no such disclosure is required for digital assets under South Korean law.

The proposal follows a scandal involving Kim Nam-kuk, a former member of the Democratic Party of South Korea.

Kim allegedly cashed out more than $4.5 million in cryptocurrency before a law change that would have restricted such activities.

In response to the allegations, Kim asserts that he was not required to disclose his digital asset activities and that he never liquidated his holdings, which reportedly totaled approximately 800,000 Wemix coins ($4.5 million), but instead transferred them to another exchange.

As he prepared his defense, Kim left the South Korean Democratic Party and became an independent.

In response, the South Korean government has drafted an amendment to the existing law incorporating digital assets such as cryptocurrency into legislation mandating the disclosure of other assets.

According to Google Translate’s translation of a government notice regarding the proposed amendment:

“Recently, it was found that an active member of the National Assembly has a large amount of virtual assets, but it is missing from the disclosure details of the lawmaker’s property, which is pointed out as a loophole in the law.”

On May 19, the amendment was proposed and approved by a subcommittee. The document indicates that it will be put to a final vote in a plenary session on May 25.

Since the collapse of the Luna and Terra blockchains in May 2022, South Korean legislators have been highly active regarding the regulation of cryptocurrencies and related assets.

This includes a comprehensive cryptocurrency regulatory package proposed in April 2023 that seeks to impose harsher penalties for associated crimes, including increased fines and prison terms ranging from one year to life.


https://link.space/@tok99toto ladangtoto link alternatif ok88 deposit dana ladangtoto rtp maxwin k86toto login tok99toto https://thewatchmakerproject.com/ https://mannawasalwa.ac.id/3/ladang-toto/ https://mannawasalwa.ac.id/3/s-mania/ https://bintangara.tabalongkab.go.id/public/klik88/ https://klik88.bintangara.tabalongkab.go.id/ https://ladangtoto.sakt1.co.id/ https://manyao.djmusicvibration.com.in/ https://ww.pn-jayapura.go.id/ ladangtoto slot thailand login k86sport tok99toto login http://103.3.46.79/funmania/ http://103.101.52.68:8005/kaizen88/ https://link-fun77toto.threeways.id/ https://bandar-fun77toto.diansigmaglobal.id/ https://ptbm.co.id/k86toto/ https://sisfo.diskominfo.pa-malangkota.go.id/ https://ftp.fhunwiku.ac.id/ https://103.181.182.174/ https://www.forex.ntu.edu.tw/tok99/ http://nkquoc.ntt.edu.vn/ https://kgaswe.ac.bw/adm-pulsa/ https://szeus.bintangara.tabalongkab.go.id/ https://ptbm.co.id/togel-hongkong/ https://sdnbeneryk.sch.id/s-88/ https://pta-bali.go.id/img/s-macau/ https://pta-bali.go.id/img/s-x500/ https://pta-bali.go.id/img/angka-jitu/ https://sdnbeneryk.sch.id/s-5k/ https://pta-bali.go.id/img/s-jepang/ http://103.3.46.79/888slot/ https://inspektorat.bondowosokab.go.id/assets/s-thailand/ https://pta-bali.go.id/img/s-taiwan/ https://fun77.bintangara.tabalongkab.go.id/ https://yppdb.or.id/s-macau/ http://103.3.46.79/dana-fun77/ https://yppdb.or.id/pg-soft/ https://galvindo.co.id/fun77toto/ http://103.3.46.79/padma188/ http://103.3.46.79/gateszeus/ https://pa-sukabumi.go.id/img/fun77toto/ https://yppdb.or.id/ladang-toto/ https://pa-blambanganumpu.go.id/img/s-mahjong/ https://yppdb.or.id/ying77/ http://103.3.46.79/slot777/ http://103.3.46.79/slot88/ http://103.3.46.79/slot77/ http://103.3.46.79/dewatoto/ http://103.3.46.79/dewaslot/ https://pa-blambanganumpu.go.id/img/s-dana/ https://pa-blambanganumpu.go.id/img/s-jp/ http://103.3.46.79/hokifun/ http://103.3.46.79/gopayfun/ http://103.3.46.79/danafun/ https://yppdb.or.id/data-sydney/ https://smartech.co.id/fun77toto/ http://161.97.112.139/ https://yppdb.or.id/axiebet/ https://yppdb.or.id/s-bri/ https://yppdb.or.id/s-toto/ https://yppdb.or.id/s-jepang/ https://pa-blambanganumpu.go.id/img/joker-123/ https://yppdb.or.id/ladang-duit/ slot thailand http://103.3.46.79/rumah258/ http://103.3.46.79/megaforwin/ http://103.3.46.79/asia188/ http://103.3.46.79/66kbet/ http://103.3.46.79/gb777/ http://103.3.46.79/gudangtoto/