The Public Morality Management Information System will centrally disclose the assets of South Korean public officials, including cryptocurrencies.

South Korea will launch a unified asset disclosure service for public officials, including cryptocurrency holdings, starting next year, marking a major development.

The Department of Personnel Management announced the move in a press release on December 27.

One-stop service

Currently, asset disclosure by public officials in South Korea is handled separately by different agencies, including the government, the National Assembly, the Supreme Court and the Constitutional Court.

This fragmented system makes it difficult for the public to access comprehensive information on public officials’ assets. However, starting January 1, 2024, asset disclosure information of all public officials will be accessible through a centralized platform called the Public Ethics Administration Information System (PETI).

The PETI system will provide one-stop access to asset information of approximately 5,800 public officials, including senior civil servants, university professors, members of the National Assembly and senior public officials.

Additionally, the new initiative expands asset disclosure to include cryptocurrency holdings, an important move as the growing popularity of cryptocurrencies creates potential blind spots in traditional asset disclosure mechanisms.

Improve transparency

By mandating the registration of cryptocurrency holdings, the South Korean government aims to increase transparency and accountability in the public sector. The introduction of a unified asset disclosure service and cryptocurrency registry is expected to have multiple positive impacts, including easier public access to information on assets held by public officials and enhanced security against conflicts of interest.

To ensure smooth implementation, the Department of Personnel Management plans to distribute the "2024 Periodic Asset Change Reporting Guidelines" and conduct "Outreach Asset Registration Training" in all 17 cities and provinces.

Personnel Management Minister Kim Seung-ho said the government will continue to work to ensure the smooth operation of these new measures and explore further initiatives to uphold ethical standards in public service. #韩国 #资产披露