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Bills for Public Officials to Declare Crypto Holdings
Chung Dong-yong, a member of the South Korean National Assembly’s Administrative and Security Committee, has introduced a bill to add cryptocurrency holdings, such as bitcoin, ether, and ripple, to the list of public disclosure items, according to localmedia.
Chung Dong-yong.
He explained that “the current Public Service Ethics law excludes cryptocurrency, which has recently emerged as a means of property proliferation,” Suwan News quoted him. The publication added that the legislation was jointly initiated by lawmakers Kwon Eun-hee, Park Joo-hyun, Yoon Young-il, Lee Chan-yeol, Jang Jeong-sook, Chun Jung-bae, and Kim Doo-kwan.
The bill amends the Public Service Ethics Act to require public officials to declare their cryptocurrency holdings of 10 million won or more (~USD$9,350). If the officials provide false or misleading information regarding their crypto possessions, Chung proposed a penalty and disciplinary action, Money Today detailed. The Hankyoreh then quoted him saying:
As the government is taking the lead in cryptocurrency regulation, the public sector should take the lead in transparently disclosing the property proliferation through cryptocurrency.
Recent Contention
Since the South Korean government announced its cryptocurrency regulatorymeasures in December, there have been several controversies and signs of contention among officials.
The petition with 223,055 signers.
Multiple national petitions have been filed concerning crypto regulations including one entitled “Has the government ever dreamed a happy dream for the people?” At the time of this writing, 223,055 people have signed this petition. According to the rules set by the Blue House, the government will respond to any petition with over 200,000 signers.
Recently, the lack of coordination among government departments led to the Ministry of Justice announcing that it is considering a cryptocurrency trading ban, followed by other Korean financial regulators distancing themselves from that standpoint.
Bill Introduced to Make South Korean Officials Declare Their Cryptocurrency Investments
Last week, some employees of the Financial Supervisory Service (FSS) were accused of insider trading on knowledge of cryptocurrency regulations. The agency is currently investigating the case. However, according to attorney Yang Ji Min, “there is no legal provision for punishment” since cryptocurrency is currently not a financialproduct, Yonhap reported.
Meanwhile, Representative Ha Tae-keung presented evidence that the government’s 40-minute embargo procedure led to market manipulation, as news.Bitcoin.com previously reported. Ha suggested, “The government has to deal with the embargo officer and find out who leaked it,” Korea Economic Daily quoted him. The Prime Minister’s Office has denied any accusation of deliberate leakage of information.
The Hankyoreh quoted Chung asserting:
We need to investigate whether we have taken unfair profits and disclose the status of our assets.
Do you think South Korean government officials should have to declare their cryptocurrency investments? Let us know in the comments section below.
Images courtesy of Shutterstock, Korean government, and Chung Dong-yong.
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Asia-Pacific Countries Initiates More Bitcoin Regulation
Indeed, even before Japan’s financial controllers moved to embrace bitcoin as legitimate tender, the Japanese were at that point eager about the digital currency. Japan, South Korea, and Vietnam represented about 80% of worldwide bitcoin exchanging before the end of November. Asian youth are for the most part amped up for virtual monetary forms like bitcoin as speculation vehicles.
Despite this, there is approaching incredulity. The prominence of bitcoin and other crypto coins haven’t dwindled by any stretch of the imagination. On the off chance that anything, they are becoming progressively prevalent by the day. Be that as it may, this support has gone under government examination.
This expanding ubiquity of computerized monetary standards alongside their unpredictability has likewise made numerous world governments and administrative bodies apprehensive. Authorities expect that a crash in the bitcoin market could have a serious overflow impact on the more extensive economy. To exacerbate the situation, numerous controllers like India’s Reserve Bank of India (RBI), are careful about the likelihood of digital forms of money being utilized to finance psychological oppression, money laundering, sidestep charges, and other unlawful acts.
In addition, controllers in the Asia Pacific area, when all is said in done, appear to be especially uneasy about the ascent of advanced monetary standards. Nations like China and Vietnam have just fixed the noose on virtual money trades and financial specialists. Also, according to a portion of the current proclamations made by some compelling controllers in the district, it would appear that more nations will take action accordingly sooner than later.
For instance, the Bank of Japan (BOJ) Governor Haruhiko Kuroda was the most recent to join the “bitcoin boogeyman” temporary fad after he properly prompted financial specialists to be wary when exchanging diverse altcoins and bitcoin. Talking at a media gathering, Kuroda called the surge in bitcoin costs “abnormal.”
Original article and pictures take 99altcoin.com site
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