South Korean Prime Minister calls for disclosure of crypto holdings by high-ranking officials

Article Source

Prime Minister Han Deok-soo reportedly believes that including cryptocurrency in property registration is the right thing to do.

South Korean Prime Minister Han Deok-soo is calling for the disclosure and registration of cryptocurrency assets by high-ranking public officials, a local news outlet has reported. 

In a press conference held at the Sejong Government Complex on May 17, the Prime Minister reportedly emphasized the importance of including crypto assets in the property registration of high-ranking public officials.

According to a Google-translated version of the report, Prime Minister Han told reporters that the issue of whether high-ranking officials should include virtual currency in property registration “can be fully discussed and decided in the National Assembly.” According to the report, the Prime Minister shared that "Personally, I think it's right to put it in (in the property registration)."

To support his stance, the Prime Minister drew a parallel with the registration of other valuable assets. He mentioned that registering a certain threshold of precious metals is currently mandatory, and similar requirements could be implemented for cryptocurrency holdings.

At present, there are no requirements to disclose cryptocurrency holdings, and each official decides independently whether to reveal such assets.

The recent revelation of Congressman Kim Nam-kuk’s significant cryptocurrency investments has sparked calls for thorough investigations into the cryptocurrency holdings of policymakers and their inclusion in property registrations.

Kim is currently being investigated by the Korea Financial Intelligence Unit for reportedly liquidating around $4.5 million worth of cryptocurrency before the implementation of the Financial Action Task Force's "Travel Rule."