In South Korea want to oblige officials to report on cryptocurrency savings

To the Parliament of South Korea introduced a bill according to which officials have to report on the availability of savings in the cryptocurrency, Bitcoin, Ripple or Ether. The author of the document was made by a member of the Committee on administrative Affairs and security of the National Assembly, Chung Dong-young. The existing law on ethics in the public service does not involve a mention in the reporting currency.

The new bill obliges officials to declare their crypto-currency savings in the amount of 10 million won and up (approximately $9350). For providing false or misleading information Chung Dong-young proposes to impose penalties and disciplinary measures.

«While the government plays a leading role in the regulation of the cryptocurrency, the public sector must take the initiative in the disclosure of information about the presence of crypto-currency savings», – quotes the policy of the local edition of the Hankyoreh.

Since in December the South Korean authorities announced the adoption of urgent measures for the regulation of cryptocurrencies, government agencies and some politicians took different positions in relation to this issue: not all of them agree with government policy.

The lack of coordination between agencies has led to the fact that earlier this month the Ministry of justice has announced plans for a complete ban on the cryptocurrency trade. However, a few days later, the Secretary of administration of the President of South Korea Jong Ki Jung has assured that the government will not prohibit the cryptocurrency trading in the near future.

Residents also actively oppose stricter cryptocephalinae, and the authorities have to reckon with. Thus, on December 28, the petition has gained more than 215 thousand votes, and in South Korea, if a case has more than 200 thousand votes, the authority must within 30 days respond to it.

In addition, last week, some employees of financial Supervisory services of South Korea was accused of insider trading cryptocurrencies. Currently, the Agency is investigating the case. The lawyers say that the punishment for such cases is not provided because of cryptocurrency at the moment are not a financial product.


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