Starting in 2024, South Korea is set to unveil a groundbreaking initiative: the disclosure of cryptocurrency holdings by National Assembly members and high-ranking officials.
This move, aimed at boosting transparency and trust in public service, involves nearly 5,800 public officials.
The Public Ethics Transparency Initiative (PETI) promises easier access and more efficient processes for asset disclosure.
Learn how this significant change will transform public asset transparency in South Korea.
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Public Asset Disclosure of Nearly 5,800 Officials in South Korea
On December 27, 2023, South Korea's central administrative agency, the Civil Service Ethics Division, announced that due to amendments to the Public Official Ethics Act, starting in 2024, cryptocurrency holdings of National Assembly members and high-ranking government officials will be disclosed.
The amendment comes in the wake of scandals involving National Assembly members trading large amounts of cryptocurrency. It was reported that in May of this year, the bill, also known as the "Kim Nam-guk Prevention Law," was unanimously passed.
According to the Civil Service Ethics Division's official announcement, beginning next year, the assets of approximately 5,800 public officials will be publicly disclosed through a system known as the Public Ethics Transparency Initiative (PETI).
This disclosure will include information on their holdings in crypto assets.
Easier Access to Asset Information
Previously, it was difficult for the general public to access information about the assets held by public officials, especially the details of their crypto assets. However, with the use of the Public Ethics Transparency Initiative (PETI), the disclosure of officials' assets, which are mandated to be public, will become easily accessible.
Additionally, the system will feature a "search function using names and institutional names," making it easy to check assets.
Task operators will also be able to handle all processes of creating, modifying, and publishing public documents through PETI, thus improving operational efficiency.
Furthermore, it's reported that five major South Korean cryptocurrency exchanges - Upbit, Bithumb, Coinone, Korbit, and Gopax - will launch individual information provision systems in June 2024, simplifying the registration of cryptocurrency holding information.
Mu Seung-ho, head of the Civil Service Ethics Division, explained that "the registration and disclosure of assets will greatly enhance the transparency of public officials' assets."
He emphasized the thorough preparation to ensure that the improvements operate smoothly in practice, while also mentioning that various measures will continue to be taken to establish public service ethics.
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