South Korean Officials To Declare Crypto Investments - MnTrendsNews

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Sunday, 21 January 2018

South Korean Officials To Declare Crypto Investments

The South Korean government has introduced a bill requiring Public Officials to declare their investments  in Cryptocurrencies including Bitcoin.

Chung Dong-Yong, a South Korean National Assembly  Administrative and Security member introduced a bill which will require Public officials declare their crypto currency investments such as Bitcoin, Ripple and Ether when declaring their Public disclosure items.

He explained stating, “the current Public Service Ethics law excludes cryptocurrency, which has recently emerged as a means of property proliferation,” Suwan News quoted him. He added that the legislation was supported by lawmakers  Kwon Eun-hee, Park Joo-hyun, Yoon Young-il, Lee Chan-yeol, Jang Jeong-sook, Chun Jung-bae, and Kim Doo-kwan.

The bill is an amendment to the Public Service Ethics Act which will require Public Officials to declare their cryptocurrency holdings of 10 million won or more and if false or misleading information is given, a penalty and disciplinary action is recommended.
The Hankyoreh quoted him as saying; As the government is taking the lead in cryptocurrency regulation, the public sector should take the lead in transparently disclosing the property proliferation through cryptocurrency.

What do you think? Should CryptoInvestments be among the Public declaration items of Public officials?

Read Also: Raid On Cryptocurrency Offices In Bulgaria

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