In response to a scandal involving certain members of the National Assembly engaging in large-scale cryptocurrency transactions, the South Korean government has introduced the "Kim Nam-guk Prevention Law."
The government of South Korea is taking steps to implement new legislation that mandates officials to disclose their cryptocurrency holdings, including assets like Bitcoin.
The South Korean National Assembly has unanimously approved a bill that requires lawmakers and high-ranking public officials to report their cryptocurrency assets. This bill received unanimous support during a plenary session on May 25, as reported by the local news agency News1.
The bill encompasses amendments to both the National Assembly Act and the Public Service Ethics Act. The amendment to the National Assembly Act received 269 votes in favor out of the 269 lawmakers present, while the amendment to the Public Service Ethics Act garnered 268 votes out of the 268 lawmakers present.
Effective since May 22, the amendment to the National Assembly Act officially categorizes cryptocurrency as a registered asset for lawmakers. Additionally, the amendment to the Public Officials Ethics Act imposes the obligation on high-ranking public officials and members of the National Assembly to disclose their cryptocurrency holdings.
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