South Korea Mulls Influencer Disclosure Requirements for Crypto Promoters

South Korea's National Assembly is set to review a bill that would require certain cryptocurrency influencers to disclose their digital asset holdings and payments received for promoting or advising on virtual assets.

The proposed amendment, introduced by Democratic Party lawmaker Kim Seung-won, targets individuals who repeatedly provide advice to multiple people with the aim of encouraging digital asset trading, as well as those who promote the purchase or sale of specific digital assets in exchange for compensation.

Under the proposal, covered influencers would have to disclose payments they receive or the type and amount of digital assets they hold. The measure is intended to give investors greater visibility into potential conflicts of interest when crypto influencers promote or discuss specific assets.