'Virtual Assets' Also Pass Public Officials' Asset Disclosure Inclusion Bill Subcommittee... 'Plenary Session on the 25th'

The Political Reform Special Committee Also Includes Virtual Assets in Preventing Conflicts of Interest for Members of the National Assembly

The Public Officials Ethics Act, which includes virtual assets in the disclosure targets of public officials' property, passed the National Assembly's Administrative and Security Committee's Bill Review Subcommittee 1 on the 22nd. The National Assembly plans to finalize the legislation by holding the full Administrative and Security Committee meeting and other sessions, aiming to complete the related law at the plenary session on the 25th.

On the same day, the National Assembly reviewed and approved the amendment to the Public Officials Ethics Act to include virtual assets in the property declaration targets for public officials. Following the controversy over independent lawmaker Kim Nam-guk's large-scale coin investment, the necessity for transparent disclosure of virtual assets was raised, giving momentum to the related law.

The current Public Officials Ethics Act includes cash, stocks, bonds, gold, jewelry, antiques, and membership rights as disclosure targets, but virtual assets such as coins were excluded from the declaration targets.

On this day, the Administrative and Security Committee conducted a combined review of related bills.

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The Administrative and Security Committee will hold a full meeting on the 24th to review the related bills. Following the review by the Legislation and Judiciary Committee, the related laws are planned to be approved at the plenary session on the 25th.

Prior to this, the Special Committee on Political Reform held a bill review subcommittee and unanimously approved a bill to include virtual assets in the property that members of the National Assembly must register with the National Assembly Ethics Review Advisory Committee.

The National Assembly Act passed by the Special Committee on Political Reform includes virtual assets in the registration targets for members' private interests. This amendment to the National Assembly Act contains provisions requiring the declaration of virtual assets even if the value is as low as 1 won, considering the fluctuating nature of virtual assets.

This content was produced with the assistance of AI translation services.