Consensus On Reporting system Of Virtual Asset Holdings For South Korean Public Officials

The possession of billions of won worth of virtual assets by Democratic Party of Korea lawmaker Kim Nam-kook has revealed flaws in the property reporting system for public officials, prompting both ruling and opposition parties to quickly revise the Public Officials Ethics Act. Democratic Party leader Park Kwang-on emphasized the need to enhance the property registration and conflict of interest prevention systems, announcing the prompt revision of related laws, including the Ethics of Public Officials Act, to incorporate virtual assets into property registration, reporting requirements, and conflicts of interest details. In response, the Democratic Party launched a party-wide investigation into Kim, with proposed amendments aiming to include virtual assets in the assets that public officials must register. The fact-finding team held its inaugural meeting to discuss the investigation’s schedule and scope, intending to submit materials, review them, and summon Kim for testimony, while external experts with expertise in virtual assets will also join the investigation.

There is bipartisan agreement between the ruling and opposition parties in order to amend the Ethics in Public Service Act, including cryptocurrencies in property registration. They have plans of expediting the review procedure through the bipartisan committee on public administration and security. Additionally, Representative Jang Hye-young of the Justice Party announced her efforts to amend the Public Officials’ Ethics Act, proposing the inclusion of virtual assets worth over 10 million won in public officials’ property declarations. Jang raised concerns about discrepancies in Kim’s explanations and property declaration, urging him to offer a sincere and specific apology.

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