Senior public officials in South Korea’s Gyeonggi province have recently made their cryptocurrency holdings public. This move is part of the province’s efforts to ensure transparency among government employees and avoid any potential conflicts of interest. Gyeonggi province has taken proactive measures to encourage the reporting of virtual assets by high-ranking public officials at level 4 or higher.
To facilitate this process, Gyeonggi Province amended its ‘Rules on the Code of Conduct for Gyeonggi-do Civil Servants’ ahead of the enforcement of the ‘Public Official Ethics Act’ on December 14th. This amendment requires civil servants at level 4 or above to report their virtual assets on a daily basis.
South Korea passed legislation earlier this year that mandates officials to report their cryptocurrency holdings. In addition to public officials, South Korean firms that hold or issue crypto will also be required to disclose information about their transactions to the financial regulator starting next year.
