<p>The Gyeonggi province of South Korea is <a href="https://gnews.gg.go.kr/briefing/brief_gongbo_view.do;jsessionid&#61;C1737F1192BA5AB512EB0669ABB2E13C.ajp13?BS_CODE&#61;s017&amp;number&#61;58491&amp;period_1&#61;&amp;period_2&#61;&amp;search&#61;0&amp;keyword&#61;&amp;subject_Code&#61;BO01&amp;page&#61;1" rel="noopener noreferrer nofollow">requiring</a> officials of rank 4 or higher to report their cryptocurrency holdings from today until September 1. This move is in line with the amended Public Service Ethics Act, set to take effect on December 14, which will require senior government officials to declare their virtual asset holdings.</p><h2 id="header-0">Revised code of conduct</h2><p>The nation’s most populated provincial government announced today the finalization and implementation of revisions to the employee code of conduct. These changes intend to prevent government employees from exploiting their official positions for personal financial gains. Before finalizing these changes, the province had <a href="https://medium.com/&#64;coinness.gl/gyeonggi-do-province-mandates-senior-officials-to-report-crypto-holdings-c15a0af00723" rel="noopener noreferrer nofollow">sought public feedback</a> on the amendment until July 25.</p><p>In May, Gyeonggi Governor Kim Dong-yeon convened a meeting to call for devising a plan that encourages public officials under financial disclosure requirements to declare their virtual assets. He emphasized the importance of proactive measures in this regard.</p><p>On August 14, the provincial government presented guidelines on virtual asset reporting, detailing the reporting process, content requirements, and penalties for false submissions.</p><h2 id="header-1">A move towards transparency</h2><p>Lee Seon-beom, the Head of Gyeonggi’s Investigation Office, explained that this initiative is designed to alleviate the public’s concerns over virtual assets. It also aims to promote transparency among officials, ensuring they avoid unlawful accumulation of wealth.</p>

Senior Gyeonggi Officials Required to Declare Virtual Asset Holdings by Sept 1

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