South Korea Officials To Declare Their Crypto Holdings - New Bill Proposed
According to a news just published by news.bitcoin.com, a new bill was proposed by a South Korean official, that will require to all officials to declare their crypto holdings publicly. Chung Dong-yong, a member of the South Korean National Assembly’s Administrative and Security Committee, who initiated the bill, explained to local media that:
the current Public Service Ethics law excludes cryptocurrency, which has recently emerged as a means of property proliferation
The news gets more meaning if we put all the context around it:
- South Korea is the third crypto trading market in the world
- it is still unregulated
- South Korean Minister of Justice announced they intend to ban crypt, a week ago
- other members of the government distanced themselves from that stance
- meanwhile, 2 officials were discovered to have been trading while being exposed to the above information (kind of insider game, if you want)
That explains the slowdown of the South Korean official declarations towards crypto regulation.
Seems that first they have to realize how much of that trading is done by officials themselves and how they want to deal with it.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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According to coindesk,"India's Government Sends Tax Notices to Indian Cryptocurrency Traders", which means cryto-currency trading is legal in India, otherwise how can government collect taxes on illegal tender?
"Seems that first they have to realize how much of that trading is done by officials themselves and how they want to deal with it"
Bitter truth everyone wants to think for his advantage only.
@dragosroua I ALWAYS Expect Govt. to do the Right Thing......LMAO !!
Hoping best for the crypto at south korea!!
Thanks for letting us know about the news @dragosoua
Also makes you wonder how many of these announcements were legitimate to try and regulate cryptos in countries or how many of these were just officials trying to line there own pockets.
What are the countries that have regulations for crypto? Ty, have a great afternoon
Japan, I think. Also, China may have some rules in place.
"Seems that first they have to realize how much of that trading is done by officials themselves and how they want to deal with it."
ha ha this is the best thing they should do now before taking any decisions :)
haha this crypto thing is gonna make everything transparent. too good for us. too bad for the oppressors
This crypto game is getting serious...hope it won't adversely affect the market..!!
Seems like they do know the benefits of crypto and did not want to miss the opportunity to be left behind !