Declaration of Crypto Assets: Top South Korean Officials Set to Serve as Examples

For the South Korean Prime Minister, the example must come from above. Thus, from a perspective of cryptocurrency industry regulation, he invites crypto-enthusiastic senior officials to become role models for the population. Han Deok-soo suggested that they make transparent their detention ofcrypto holdings.

South Korea, cryptocurrency and regulation

At the end of January 2023, South Korea announced with great fanfare “Virtual Currency Tracking System”. This is a device for tracking cryptocurrency transactions. We don’t have any details on its progress at this time. But the initiative fits perfectly with his idea of ​​regulating the crypto industry.

It is probably from this perspective that Prime Minister Han Deok-soo called on senior South Korean employees to disclose and record their cryptocurrency holdings. His speech at the Sejong government complex on May 17, relayed by Cointelegraphsaw this special invitation to the attention of his subordinates.

” It can be fully discussed and decided in the National Assembly whether or not to include virtual currency, which has become problematic at the moment, in the engregisterment of the property of (senior officials). […] Personally, I think it’s fair to include it (in the property record. […] For example (when registering a property), more than a certain amount of precious metals must be registered. There will be certain (registration) requirements “, can we read in the columns of Hankyung.com.

This position of Prime Minister Han would come from this fact. Currently, the possession of precious metals must be subject to registration. You might as well apply this kind of requirement to cryptocurrencies.

Some local political figures who are fans of crypto

Here are some names of high-ranking officials that Korean newspaper Hankyung revealed:

• Park Beom-soo, agriculture and maritime affairs secretary in the presidential office whose bitcoin holdings were halved due to market volatility;
• Busan City Council member Lee Seung-yeon, who last year sold the equivalent of 270 million won in crypto;
• Etc.

We are aware that Kim Nam-Kuk, a member of the National Assembly of South Korea, was recently worried by local authorities. The reason : the vastness of his crypto holdings. Rich of around 830 million won in 2020, he would have seen his fortune exceed 1.530 billion this year. This thanks to its cryptocurrency investments. To say that he never reported his wealth to any competent authority.

Is this the reason that prompted the Secretariat of the South Korean National Assembly to advise the declaration of the origin of the decrease or increase in crypto holdings, due to the volatility of bitcoin, on December 31, 2022?