South Korean Prime Minister urges transparency regarding cryptocurrency assets among senior officials.

South Korean Prime Minister Han Deok-soo is advocating for the transparency and registration of cryptocurrency assets among senior public officials, according to a local news source.

During a press briefing at the Sejong Government Complex on May 17, the prime minister reportedly highlighted the necessity of incorporating crypto assets into the property declarations of senior public officials.

As per a Google-translated version of the article, Prime Minister Han informed journalists that the matter of whether senior officials should include digital currencies in their property declarations “can be thoroughly discussed and resolved in the National Assembly.” The report noted that the prime minister expressed, “Personally, I believe it’s appropriate to include it (in the property registration).”

To bolster his argument, the prime minister compared this situation to the registration of other valuable assets. He pointed out that there is currently a requirement to register a specific amount of precious metals, suggesting that similar obligations could be established for cryptocurrency holdings.

Currently, there are no mandates for disclosing cryptocurrency assets, and each official has the discretion to decide whether to disclose such holdings.

Related: South Korean lawmaker departs political party amid crypto investment scandal

The recent disclosure of National Assembly member Kim Nam-kuk’s substantial cryptocurrency investments has ignited demands for comprehensive investigations into the crypto holdings of lawmakers and their incorporation into property declarations.

Kim is presently under investigation by the Korea Financial Intelligence Unit for allegedly liquidating approximately $4.5 million in cryptocurrency prior to the enforcement of the Financial Action Task Force’s “Travel Rule.”

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