Crypto Regulation Changes Archives - Coin Engineer https://coinengineer.net/blog/tag/crypto-regulation-changes/ Btc, Coins, Pre-Sale, DeFi, NFT Thu, 27 Mar 2025 14:34:34 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://coinengineer.net/blog/wp-content/uploads/2024/04/cropped-Coin-Engineer-Logo-Favicon-2-32x32.png Crypto Regulation Changes Archives - Coin Engineer https://coinengineer.net/blog/tag/crypto-regulation-changes/ 32 32 South Korean Public Officials Reveal Massive Crypto Asset! https://coinengineer.net/blog/south-korean-public-officials-reveal-massive-crypto-asset/ https://coinengineer.net/blog/south-korean-public-officials-reveal-massive-crypto-asset/#respond Thu, 27 Mar 2025 15:00:12 +0000 https://coinengineer.net/blog/?p=39184 More than 400 public officials in South Korea have revealed that they hold a total of $9.8 million worth of cryptocurrencies, including Bitcoin, Ether, XRP, and Dogecoin. Over 20% of officials disclosed their crypto holdings. South Korean Public Officials Crypto Asset Disclosure According to the South Korean Ethics Commission, high-ranking public officials in the country

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]]> More than 400 public officials in South Korea have revealed that they hold a total of $9.8 million worth of cryptocurrencies, including Bitcoin, Ether, XRP, and Dogecoin. Over 20% of officials disclosed their crypto holdings.

South Korean Public Officials Crypto Asset Disclosure

According to the South Korean Ethics Commission, high-ranking public officials in the country hold an average of 35.1 million Korean Won ($24,000) in crypto assets. On March 27, 2025, the Ethics Commission revealed that 411 out of 2,047 surveyed officials hold 14.4 billion Korean Won ($9.8 million) in cryptocurrencies.

The highest disclosed amount was 1.76 billion Korean Won ($1.2 million) from Seoul City Councilor Kim Hye-young.

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Among the crypto assets disclosed, officials held Bitcoin (BTC), Ether (ETH), XRP, Dogecoin (DOGE), Luna Classic (LUNC), and others.

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Crypto Asset Disclosure Law in South Korea

The disclosure of public officials’ crypto holdings comes after calls for transparency from the country’s prime minister. In 2023, South Korean Prime Minister Han Deok-soo stated in a news conference that high-ranking officials must include crypto in their property disclosures. He argued that crypto should be treated the same as other assets like precious metals.

In 2023, South Korea passed a law mandating public officials to disclose their crypto holdings. Starting in 2024, South Koreans will have access to the crypto holdings of at least 5,800 public officials.

Crypto Disclosure Law Following Controversy

The new law was introduced following the controversy surrounding South Korean lawmaker Kim Nam-kuk, who was accused of liquidating and concealing around $4.5 million in crypto assets before lawmakers enforced the Financial Action Task Force’s (FATF) “Travel Rule.”

Kim later left the Democratic Party amid the controversial case to relieve party members of the burden of the lawsuit.

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