In a recent development, the Republic of Korea’s Ministry of Human Resources has announced a new requirement for high-ranking government officials to disclose their cryptocurrency holdings. Starting from January 2024, these officials will be obligated to provide information about their ownership of crypto assets.
This move is part of a larger effort by the South Korean government to regulate and oversee the cryptocurrency market. Elected government officials have already been mandated to disclose their crypto assets as of May 2023.
To ensure effective implementation of these regulations, the Ministry of Human Resources is working in conjunction with the Financial Services Commission (FSC) and the Bank of Korea. These authorities have been granted additional powers to monitor cryptocurrency service operators and custodians, aiming to enhance the efficiency and reliability of asset registration for their fellow government employees.
Furthermore, the Financial Supervisory Service of the Republic of Korea recently announced a reorganization within its department. This restructure includes the establishment of a Bureau for Supervision of Virtual Assets and a Bureau for Investigation of Activities in the Field of Virtual Assets.
Eleanor Ashworth is editor-in-chief at BTCNews. A Cambridge-trained journalist with 18 years across the Financial Times, Reuters and the Telegraph, she joined the crypto beat in 2017 after covering the Bank of England and HM Treasury. She holds the SABEW Best in Business award (2022) and was shortlisted for the British Journalism Awards (2023). At BTCNews she sets the editorial line for Bitcoin and macro markets coverage, with a focus on institutional adoption, regulation and central-bank policy. Based in London.
