South Korea to ask firms to disclose crypto holdings from 2024

The South Korean government is continuing to develop tighter regulations targeting the cryptocurrency industry with the introduction of new asset disclosure rules.

On July 11, South Korea’s Financial Services Commission (FSC)

The news comes soon after local industry media reported that the FSC required internal employees to report their crypto holdings as defined under the Specific Financial Information Act. The affected employees reportedly include those who currently perform crypto-related duties and those who have performed such duties over the past six months.

While the latest crypto disclosure rules are somewhat new, South Korea has already required government officials to declare their crypto holdings.

South Korea’s National Assembly unanimously passed a bill that obliges lawmakers and high-ranking public officials to report on their crypto assets. The initiative, widely referred to as the “Kim Nam-guk Prevention Law,” came in response to a scandal involving some public officials allegedly manipulating the market and moving large amounts of crypto.

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