- May 22, 2023
- Posted by: [email protected]
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According to local reports, South Korean Prime Minister Han Deok-soo has stated his support for the inclusion of Bitcoin in the property register of high-ranking public officials. On May 17, the prime minister made this announcement at a press conference at the Sejong Government Complex. He emphasized the significance of officials in high positions reporting and registering crypto assets.
Prime Minister Han proposed that the inclusion of digital currencies in property registration be thoroughly debated and decided in the National Assembly. He has personally stated his support for the use of cryptocurrency in property registration. He drew a comparison to the mandatory registration of valuable assets such as precious metals, suggesting that similar requirements could be applied to cryptocurrency holdings.
Currently, there are no obligations for public officials to disclose their cryptocurrency holdings, and each individual can independently decide whether or not to reveal such assets. However, the recent revelation of National Assembly member Kim Nam-kuk’s substantial cryptocurrency investments has sparked calls for a comprehensive investigation into the cryptocurrency holdings of policymakers. The incident involved Kim allegedly selling around $4.5 million worth of cryptocurrency prior to the implementation of the Financial Action Task Force’s “Travel Rule.”
Prime Minister Han’s stance on the inclusion of cryptocurrency in property registration aims to address the need for transparency and accountability among high-ranking public officials. By enforcing the disclosure and registration of crypto assets, the government can ensure that officials’ financial holdings are fully documented and subject to scrutiny.
The prime minister’s statement signals a growing awareness of the potential risks and implications associated with cryptocurrency investments. As digital assets gain prominence and become more widely adopted, governments around the world are exploring regulatory measures to prevent illicit activities and safeguard public interests. In South Korea, the focus is on ensuring that public officials act in accordance with the law and maintain transparency in their financial affairs.
It remains to be seen how this proposal will be received by the National Assembly and whether it will lead to legislative changes. Nonetheless, Prime Minister Han’s stance reflects the changing regulatory landscape of cryptocurrencies and emphasizes the necessity for proper measures to address the unique challenges posed by these digital assets.
