The South Korean government has recently taken significant measures to tackle the issue of cryptocurrency holdings among public officials by introducing the “Kim Nam-guk Prevention Law.” This legislation was prompted by a scandal involving National Assembly members who were found to have transferred substantial amounts of cryptocurrency. The newly passed law, which received unanimous approval from the National Assembly, now mandates that lawmakers and high-ranking public officials must report their crypto assets.
Under this bill, amendments have been made to both the National Assembly Act and the Public Service Ethics Act. The amendment to the National Assembly Act formally recognizes cryptocurrency as registered property for lawmakers, while the amendment to the Public Service Ethics Act requires the disclosure of cryptocurrency assets by both high-ranking public officials and National Assembly members.