- South Korea will implement a unified public official asset disclosure service starting in 2024, centralizing the currently fragmented system.
- The new system will provide public access to officials’ assets, including cryptocurrency holdings, expanding the scope of disclosure.
- The government plans training sessions and outreach to ensure smooth implementation of the new crypto asset registration requirements.
The South Korean government announced on December 27th, 2022 that it will implement a unified public official asset disclosure service. This new system marks a significant development, as it will include the registration of cryptocurrency holdings for the first time starting in 2024.
Implementing a Centralized Disclosure System
Currently, asset disclosure for public officials in South Korea is handled separately by different institutions such as the government, the National Assembly, the Supreme Court, and the Constitutional Court. This fragmented system has made it difficult for the public to access comprehensive information about the assets of public officials.
However, starting January 1, 2024, all asset disclosure information for public officials will be accessible through a centralized platform called the Public Ethics Management Information System (PETI).
The PETI system will provide one-stop access to information on the assets of approximately 5,800 public officials, including high-ranking civil servants, university professors, members of the National Assembly, and senior public officials.
Expanding Scope to Include Crypto Holdings
Furthermore, the new initiative expands the scope of asset disclosure to include cryptocurrency holdings. This is a significant step, as the growing popularity of cryptocurrency has created a potential blind spot in traditional asset disclosure mechanisms.
By mandating the registration of crypto holdings, the South Korean government aims to enhance transparency and accountability in the public sector. The rollout of the unified asset disclosure service and crypto registration is expected to have several positive implications, including greater public access to information about assets held by public officials and increased security against conflicts of interest.
Ensuring Smooth Implementation
To ensure a smooth implementation, the Ministry of Personnel Management plans to distribute a 2024 Regular Asset Change Report Guide and conduct outreach asset registration training sessions in all 17 cities and provinces.
Minister of Personnel Management Kim Seung-ho said the government will continue to work diligently to ensure the smooth operation of these new measures and explore further initiatives to uphold ethical standards in public service.