In South Korea, a remarkable change is coming - civil servants will start to declare crypto assets! This major move not only means an increase in the transparency of public officials' property, but also a major intervention of the South Korean government in the cryptocurrency market. The revised law not only stipulates that civil servants must declare their crypto assets, but also further clarifies the legislation prohibiting crypto internal transactions, injecting new vitality into South Korea's cryptocurrency regulatory system.

Civil servants' declaration of crypto assets means further strengthening of transparency and accountability. This move can not only effectively prevent the occurrence of corruption, but also enhance the image of civil servants' integrity. In the past, some public officials may use cryptocurrencies for illegal transactions or money laundering activities. Now, this move by the South Korean government will effectively curb such behavior and maintain social fairness and justice.

This revision of the law explicitly prohibits crypto internal transactions, aiming to regulate the order of the cryptocurrency market. The anonymity and convenience of cryptocurrency make it a tool for some criminals to carry out illegal activities. By prohibiting civil servants from engaging in crypto internal transactions, the government sends a clear signal to the whole society: the cryptocurrency market must abide by the law and cannot become a hotbed for illegal crimes.

This series of measures will also have a far-reaching impact on South Korea's cryptocurrency market. Under the regulations on civil servants declaring crypto assets, the public will pay more attention to the source of government officials' property, and the supervision will be further strengthened. The legal provisions prohibiting crypto internal transactions will prompt cryptocurrency trading platforms to strengthen compliance management, improve transaction transparency and security, and lay a solid foundation for the healthy development of the market.

It is worth noting that this legal amendment has also triggered extensive discussions and responses from all walks of life. Some people think it is an infringement of personal privacy, while others think it is a necessary measure to maintain social order and fair competition. Whether it is supported or opposed, the implementation of this regulation will have a profound impact on South Korea's political ecology and economic development, and requires joint discussion and guidance by the government and the public.

In general, the new regulations on the declaration of crypto assets and the prohibition of crypto internal transactions by South Korean civil servants mark the further improvement and strengthening of South Korea's cryptocurrency regulatory system. This move not only reflects the government's attention to the order of the financial market, but also shows the government's determination to strengthen accountability and transparency. With the implementation of this regulation, it is believed that South Korea's cryptocurrency market will usher in a healthier and more orderly development.

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Coin Circle (120btc.COM): As cryptocurrencies become more popular in South Korea, the acceptance of cryptocurrencies by civil servants in government agencies has gradually increased. In view of this, South Korea has stepped up its legislation. On May 25, the National Assembly unanimously passed two bills requiring legislators and senior public officials to register crypto assets, namely the "Amendment to the National Assembly Law" and the "Amendment to the Public Officials' Ethics Law".

According to the bill, starting from the 22nd National Assembly, all civil servants must register the cryptocurrencies they hold in property matters; the 21st National Assembly must register the amount and changes of cryptocurrencies they have acquired and held from the beginning of their term to May 31 by the end of June this year.

Revise the "Code of Conduct for Civil Servants"

According to the Korean media Decenter, the South Korean financial authorities are planning to revise the draft "Code of Conduct for Civil Servants" and publicly publish an administrative notice on July 4. It is clearly stipulated that internal civil servants should report the content of virtual assets held and add a new reporting form. The revised draft also changed "virtual currency" to "virtual assets".

According to the draft of the Code of Conduct for Public Servants, any public servant in a position related to virtual assets is prohibited from using undisclosed virtual asset-related information to invest in the course of performing their duties. If virtual assets are held, they are required to report to the Chairman of the Financial Services Commission.

The relevant positions mentioned in the code refer to public servants in government agencies who are responsible for the filing and implementation of virtual asset policies or regulations, virtual asset investigation and review, virtual asset exchange reporting management, virtual asset-related technology development support and management, etc.

The draft revision clearly states the regulatory objects, namely "public servants currently engaged in virtual asset-related positions" and "employees who have engaged in such positions in the past 6 months", which is different from the previous larger and vague provisions of "public servants who are currently engaged in or have engaged in such positions".

The "Virtual Asset User Protection Act" will be introduced in May

Not only for the control of internal government personnel, in order to combat cryptocurrency fraud and other crimes, the South Korean government has provided a protective umbrella for local cryptocurrency users and passed the "Virtual Asset User Protection Act" to protect virtual asset users and restrict unfair transactions. It is the "first legislation against virtual assets" in South Korea.

According to the bill, requests for damages for unfair trading of virtual assets will also have a basis, and users will be able to demand damages. At the same time, unfair trading using means such as undisclosed information, manipulating market prices, and illegal trading will be fined. If unfair trading behavior is discovered, the basic penalty is imprisonment of more than one year or a fine of less than five times the unfair gains, and the penalty may be increased based on the amount of profit or loss.