South Korea Bill Forces Officials To Reveal Bitcoin Holdings or Face Penalties

The South Korean government is taking measures to regulate the use of digital currencies like Bitcoin by its officials. The government is implementing new laws that will require lawmakers and high-ranking public officials to report on their holdings of cryptocurrencies. This move comes in response to a major government scandal that involved some National Assembly members holding large amounts of cryptocurrency. On May 25, South Korea’s National Assembly unanimously passed a bill that obligates lawmakers and high-ranking public officials to disclose their cryptocurrency assets. The bill involves amendments to the National Assembly Act and the Public Service Ethics Act. The amendment to the National Assembly Act was unanimously passed with support of 269 votes from 269 lawmakers present. The amendment to the Public Service Ethics Act received 268 votes from 268 lawmakers present. This means that cryptocurrency will now be included in the list of registered property by lawmakers. With this new legislation, the South Korean government aims to prevent potential money laundering, conflicts of interest, and the use of insider information.