SK lawmakers pass law for officials to disclose crypto holdings

The South Korean government has passed the “Kim Nam-kuk Prevention Act” which requires officials to report their cryptocurrency holdings, according to local outlet News1. The National Assembly passed amendments to the National Assembly Act and the Public Service Ethics Act without a dissenting vote. The disclosure of cryptocurrency holdings by officials became a topic of concern after suspicions emerged that former Democratic Party lawmaker Kim Nam-kuk possessed up to 6 billion won ($4.5 million) worth of cryptocurrency, raising conflict of interest concerns. Lawmakers have recently called for the bill to take effect within two months. Following passage of the act, cryptocurrency holdings will now fall under the private interests that members of the National Assembly are required to report. The amendment to the Public Service Ethics Act also applies to other high-ranking government officials, who will also be required to disclose their cryptocurrency holdings, News1 reported. This article was edited by Stephen Alpher.