South Korea's Crypto Disclosure Bill Sparks Privacy Fears
A proposed amendment to South Korea's Virtual Asset User Protection Act has sparked controversy over potential privacy concerns.
The bill, introduced by Democratic Party lawmaker Kim Seung-won, aims to require financial influencers (finfluencers) to publicly declare their digital asset holdings in order to prevent conflicts of interest and protect retail investors.
However, the National Assembly's review raised concerns that the disclosure requirement could infringe on individuals' right to control their personal information, as protected under South Korea's Personal Information Protection Act.
The review also noted that the definition of finfluencers subject to the requirement is not clearly delineated, creating ambiguity about who would be affected.