The disclosures will be made available through the Public Official Ethics System (PETI).
The law was initially passed in May.
According to South Korea’s Ethics Policy Division, officials will be provided with an integrated asset disclosure service that is currently reported in official gazettes.
The announcement also stated that from June 2024, crypto exchanges Upbit, Bithumb, Coinone, Korbit, and Gopax plan on having information provision systems for assistance in tracking the holdings.
The rule came about after Kim Nam-kuk, a former Democratic Party lawmaker, possessed up to $4.5 million worth of crypto, CoinDesk reported. This was considered a conflict of interest,
Asset disclosure details will also be provided in the revamped public service ethics system, which will be easily accessible to the public. Earlier, details were unveiled through official gazettes by the public service ethics committees of each institution, which proved difficult for the public to scan.
Also, searches using organizational names will become possible with the new system, thereby making it possible to check all disclosure information more easily.
“We will make thorough preparations to ensure that improvements are implemented without a hitch in the field while continuing to establish public service ethics. We will seek various means to achieve this,” Kim Seung-ho, Director of Personnel Management commented.