Prime Minister Han Deok-soo reportedly believes that containing cryptocurrency in property, registration is the exact thing to do.

South Korean Prime Minister Han Deok-soo is calling for the exposure and registration of cryptocurrency assets by high-ranking public officials, a local news issue has reported.

In a press convocation held at the Sejong Government Complex on May 17, the prime minister reportedly highlighted the significance of including crypto assets in the property registration of high-ranking public officials.

According to a Google-translated version of the report, Prime Minister Han reported to reporters that the issue of whether high-ranking officials should include digital currency in property registration “ can be completely discussed and determined in the National Assembly. ” According to the report, the prime minister shared that “ Personally, I suppose it’s right to put it in (in the property registration)."

To endorse his stance, the prime minister drew a parallel with the registration of different valuable assets. He mentioned that registering a certain threshold of precious metals is presently mandatory, and similar necessities could be implemented for cryptocurrency holdings.

At present, there is no necessity to disclose cryptocurrency holdings, and each official decides independently whether to reveal similar assets.

Related: South Korean lawmaker leaves political party amid crypto investment controversy

The recent revelation of National Assembly element Kim Nam-kuk’s significant cryptocurrency investments has sparked inquiries for thorough investigations into the cryptocurrency holdings of policymakers and their inclusion in property registrations.

Kim is presently being investigated by the Korea Financial Intelligence Unit for reportedly liquidating around $4.5 a million valuation of cryptocurrency before the implementation of the Financial Action Task Force’s “ Travel regulation."

(JUDITH BANNERMANQUIST, Cointelegraph, 2023)