The South Korean government announced today that it will implement a unified public official asset disclosure service, marking a significant development by including the registration of cryptocurrency holdings from next year.

The Ministry of Personnel Management announced the move in a press release on Dec. 27.

One-stop access

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 Jan. 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.

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.

Increased transparency

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.

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.