South Korean Lawmakers Review Bill to Mandate Crypto Influencer Disclosure

The National Assembly's Political Affairs Committee in South Korea will review an amendment to the Virtual Asset User Protection Act on August 26.

The bill aims to require influencers who provide virtual-asset information to disclose their holdings, including the type and amount of assets they hold. This measure is intended to help users assess potential conflicts of interest involving influencers who promote cryptocurrency-related information.

The amendment also proposes strengthening crypto exchanges' obligations to manage customer assets, including requirements for segregated storage in separate addresses, regular balance verification, and the establishment of risk-management systems.