Officials in South Korea are required to disclose their cryptocurrency holdings.

South Korea has enacted a new law forcing candidates and public officials to reveal their cryptocurrency holdings starting in 2024.

All high-ranking public officials over Grade 4 will be forced to register their cryptocurrency holdings starting on January 1, 2024, regardless of the value.

In the past, the Public Service Ethics Act of the nation called on officials to declare whatever assets they had, but bitcoin wasn't on the list.

The bill also places a cap on the amount that a public official may invest in the cryptocurrency industry.

Early buyers could buy SNEK for as little as 20 ADA, making them instant billionaires.

The scandal involving former Democratic Party lawmaker Kim Nam-kuk led to the creation of the bill.

He is being looked at for violating campaign financing laws, filing false tax returns, and hiding illicit earnings related to his concealed cryptocurrency holdings and transactions.