The Public Administration Committee to Handle the 'Virtual Asset Property Registration Obligation Act' Today... Rapid Progress Until the Plenary Session

Two-Day General Meeting - Legislation Committee - Plenary Session Passed
Discussion on Whether to Include the Clause 'Disclosure of Details by June'

The National Assembly's Public Administration and Security Committee plans to hold a plenary session on the afternoon of the 24th to process an amendment to the Public Officials Ethics Act that requires public officials to disclose their virtual asset holdings. This is expected to be submitted to the Judiciary Committee on the morning of the 25th and then presented to the National Assembly plenary session.

According to the Public Administration and Security Committee, a plenary session is scheduled for 5 p.m. that day. Previously, on the 22nd, the Committee's Bill Review Subcommittee 1 reviewed and approved an amendment to the Public Officials Ethics Act to include virtual assets in the scope of public officials' asset declarations.

Following allegations of virtual asset investments involving Kim Nam-guk, a member of the Democratic Party of Korea, a consensus emerged on the need to disclose virtual asset holdings, accelerating the preparation of the bill. As a result, the bill is expected to be prepared within about three weeks from the time the allegations were reported on the 5th until its submission to the plenary session on the 25th.

On the 19th, at the first subcommittee on bill examination of the Administrative Safety Committee held at the National Assembly, Chairman Kim Gyo-heung is striking the gavel. Photo by Kim Hyun-min kimhyun81@

During the plenary session, both ruling and opposition parties are expected to accept criticism regarding a six-month gap before the bill's enforcement and discuss an additional provision requiring the declaration of virtual assets held from December 31 of last year to June 30 of this year. However, there will likely be negotiations between the parties over whether to limit the application to public officials obligated to register assets or to restrict it to members of the National Assembly.

An opposition party official from the Public Administration and Security Committee explained, "Since the Public Officials Ethics Act applies to all public officials who declare assets, we need to discuss in the supplementary provisions whether to include not only members of the National Assembly but also political appointees such as ministers and vice ministers." He added, "The Special Committee on Political Reform included related regulations for current members in the supplementary provisions, but the decision on disclosure will be made through the Public Officials Ethics Act."