The South Korean National Assembly's administrative security committee is deliberating on a proposed amendment to the Public Officials' Code of Ethics, which would require public officials to register their virtual assets.

According to BlockBeats news on May 22nd, the Administrative Safety Committee of the South Korean National Assembly held its first legislative review subcommittee meeting today to review the "Amendment to the Public Officials Ethics Act," which requires public officials to register their virtual assets. The core of this amendment is to include cryptocurrencies as assets that high-ranking public officials, including lawmakers, must declare and disclose. This review was prompted by controversy surrounding lawmaker Kim Nan-guk, who was accused of trading and holding cryptocurrencies and subsequently left the Democratic Party. Unlike cash, stocks, bonds, gold, jewelry, antiques, and membership qualifications, the current "Public Officials Ethics Act" excludes virtual assets from property reporting. The committee will hold a full meeting on the 24th and 25th of this month to finally pass the amendment at the full meeting scheduled for the 25th. The National Assembly's Political Reform Special Committee will also hold its first legislative review subcommittee meeting on the same day to handle a bill that includes cryptocurrencies in lawmakers' private interest registration, in order to prevent conflicts of interest.