South Korea Considers Inclusion of Cryptocurrencies in Asset Declaration

Government officials in the Republic of Korea believe it is necessary to add cryptocurrencies to the list of assets to be declared by the authorities.
Prime Minister Han Duck-soo’s initiative will be discussed soon by the country’s parliament.

“The National Assembly can discuss and decide: should virtual currency be included in the property registration of high-ranking officials. I think it should be included,” the prime minister told reporters.

Earlier, South Korea’s financial service reported to local prosecutors a series of suspicious cryptocurrency transactions made by an MP.

Democratic Party of Korea representative Kim Nam-kuk allegedly withdrew 800,000 WEMIX tokens from late February to early March 2022.

From January to February 2022, Kim’s assets on WEMIX were 6 billion won ($4.5 million).

In April, Korea’s central bank announced that it was tightening controls on virtual asset service providers (VASPs) and cryptocurrency issuers, requesting transaction data from cryptocurrency exchanges.

Last year, the Financial Services Commission of South Korea (FSC) announced that it would monitor cryptocurrency transactions of investors worth more than 100 million won ($70,000).

In the fall, the agency began working with the National Assembly on a bill that would penalize cryptocurrency exchanges for withholding information and manipulating prices.