Tuesday, 27 February 2024
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South Korea to disclose top officials’ crypto holdings in 2024 as new crypto exchange launches

South Korea to disclose top officials’ crypto holdings in 2024 as new crypto exchange launches

  • South Korea transforms transparency: 5,800 officials disclose assets, incl. crypto, via PETI.
  • Pullix disrupts crypto exchange norms: PLX token presale, hybrid approach, and unique incentives.
  • Governmental transparency and crypto innovation converge, shaping the future of finance.

In a groundbreaking move, South Korea’s Ministry of Personnel Management announces plans to launch an integrated asset disclosure service for public officials, ensuring unprecedented transparency starting next year.

Simultaneously, the crypto space witnesses Pullix’s assertive foray with an ongoing PLX token presale, challenging conventional trading norms.

South Korea’s push for transparency

South Korea is poised to revolutionize transparency in public service with an upcoming integrated asset disclosure service. In a press release, the Ministry of Personnel Management, under Director Kim Seung-ho, revealed that around 5,800 public officials will disclose details of their assets, including virtual assets, via the ‘Public Official Ethics System (PETI).’ The move follows the revision of the Public Official Ethics Act, making crypto assets part of the annual asset disclosure requirements for elected and high-ranking officials.

This initiative addresses the inconvenience faced by the public in accessing individual asset disclosures scattered across various official gazettes. The revamped system allows for a consolidated view of property disclosure details, enhancing accessibility and enabling searches using names or organization names. Additionally, the system promotes work efficiency by empowering personnel to manage the entire data process seamlessly.

Notably, the inclusion of virtual assets in property registration addresses the challenges posed by the expanding market size of cryptocurrencies. Virtual assets, added through the Act’s revision, now mandate reporting of transaction details for those subject to disclosure. The Ministry of Personnel Management has completed the reorganization of the public service ethics system, introducing functions related to virtual asset property registration.

Come June next year, major domestic virtual asset exchanges like Upbit, Bithumb, Coinone, Korbit, and Gopax plan to provide virtual asset holding status through separate information provision systems. This move is expected to eliminate blind spots in property…

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