South Korean public officials will disclose Crypto Assets holdings in the new register

The Public Ethics Management Information System will centralize the disclosure of assets of South Korean public officials, including Crypto Assets.

South Korea’s launch of a unified asset disclosure service for public officials, including Crypto Assets holdings, from next year marks a major development.

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

One-stop service

Currently, the disclosure of assets of public officials in South Korea is handled separately by different agencies such as the government, the National Assembly, the Supreme Court, and the Constitutional Court.

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

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

In addition, the new initiative expands the scope of asset disclosure to include Crypto Assets holdings. This is an important move, as the growing popularity of Crypto Assets has created potential blind spots in traditional asset disclosure mechanisms.

Increased Transparency

By mandating the registration of Crypto Assets holdings, the South Korean government aims to increase transparency and accountability in the public sector. The launch of the Unified Asset Disclosure Service and Crypto Assets Registry is expected to have a positive impact on multiple fronts, including greater public access to information about 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 Guide” and conduct “Outreach Asset Registry Training” in all 17 cities and provinces.

Minister of Personnel Management Kim Seung-ho said the government will continue its efforts to ensure the smooth operation of these new measures and explore further measures to uphold ethical standards in public services.