South Korea’s Parliament Urged to Accelerate Disclosure Rule for Cryptocurrency Assets

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The public is now welcome to comment on the International Organisation of Securities Commissions’ (IOSCO) policy proposals for the cryptocurrency and digital asset markets. The 18 policy suggestions address a variety of topics, including market manipulation, conflicts of interest, client asset protection, disclosures, and the dangers of cryptocurrencies. The IOSCO’s regulatory agenda for both fintech and cryptocurrency was developed by the Fintech Task Force (FTF), which was created last year. While a second working group led by the U.S. Securities and Exchange Commission focused on decentralised finance (DeFi), one of the FTF’s two working groups is slated to make recommendations regarding crypto assets this year. Following the failure of stablecoin producer Terra and cryptocurrency exchange FTX last year, the call for stricter crypto rules has been re-issued by international standard-setters. Later this year, the Financial Stability Board is expected to provide recommendations for stablecoins, and upcoming international crypto laws will be based on a joint synthesis paper from the FSB and International Monetary Fund. The proposals are subject to public comment until July 31.

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According to a Tuesday report by Yonhap news agency, The People Power Party’s floor leader in parliament wants a new rule forcing parliamentarians and senior government figures to disclose their cryptocurrency-related assets to go into force sooner than expected, within two months. The original bill should be changed, according to Yun Jae-ok, to move forward the enforcement date to within the next few of months. Earlier this month, South Korea’s financial watchdog referred independent legislator Rep. Kim Nam-kuk to local prosecutors for a number of cryptocurrency transactions it deemed questionable. In addition, Yun said that Kim cashed coins valued at 250 million won ($189,942) in February and March of last year, a far higher sum than the 4.4 million won ($3,342) Kim had first claimed to have cashed at the time.

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