May 19, 2023

South Korean Premier Urges High-Level Officials To Disclose Crypto Assets

South Korean PM

South Korean PM

South Korean Prime Minister Han Deok-soo called on high-level ranking public officials to disclose and register their cryptocurrency assets, according to Cointelegraph.

Addressing a press conference, Han Deok-soo asserted, from his point of view, the necessity of including crypto assets in the property registration of high-ranking public officials, saying such a decision should be made by the National Assembly. He compared the crypto assets to the material assets whose registration is mandatory in an attempt to support his stance.

Currently, high-level ranking public officials are free to independently whether to reveal such assets, with no requirements for listing the crypto assets.

But the prime minister’s call came following calls for investigation into the policymakers’ crypto holdings and their inclusion in property registrations.

According to data aggregated from the crypto platform TripleA, it is estimated that 2 million people, 3.9% of South Korea’s total population, currently own cryptocurrency. South Korea is considered a crypto hotspot in Asia and home to cryptocurrency exchange giants.

TripleA data shows that 54% of the crypto users in South Korea are male, and 46% are female in 2021. Cryptocurrencies are seen as an investment tool for the country’s young generation.

The southeastern country planned to introduce a crypto-tracking system to combat money laundering initiatives and recover funds linked to criminal activities in 2023.

This came in an announcement made by the South Korean Ministry of Justice, which announced to launch “Virtual Currency Tracking System” soon to observe the transaction history, get information related to transactions and make sure of the funds’ source before and after the remittance. The new tracking system is expected to be launched by the second half of 2023.

In a statement, the South Korean ministry noted: “In response to the sophistication of crime, we will improve the forensic infrastructure (infrastructure). We will build a criminal justice system that meets international standards (global standards).”

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