South Korea's ruling party asks for acceleration of Bill on declaration of virtual assets
The Bill mandates lawmakers and officials to disclose personal crypto holdings
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In a statement by South Korea’s ruling People Power Party’s (PPP) parliamentary floor leader Yun Jae-ok, South Korea wants a new bill that requires lawmakers and high-ranking government officials to disclose their cryptocurrency-related assets within two months.
The original bill, which is currently being finalised, had originally been scheduled for implementation in December 2023. Yun has now said it is being amended so as to bring the date of enforcement to within one or two months from now.
It is for enhancing the transparency of these rules that their implementation is being expedited.
"Given the current high level of public interest, especially regarding lawmakers, it's not appropriate to enforce the law six months later after the promulgation," Yun said. He also added that he had requested the leader of the Public Administration Committee to propose a modified version of the law and a vote is scheduled for the same on Friday, May 26.
Independent lawmaker representative Kim Nam-kuk, who was previously with the opposition Democratic Party of Korea, had been reported to local prosecutors by South Korea's financial authorities earlier this month for carrying out suspicious crypto transactions. Kim, however, has refused the violation of any law.
