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The South Korean financial regulator will require its employees to disclose their cryptocurrency holdings following the "Coin Gate" scandal. Lawmakers have faced accusations of insider trading, with one member of parliament alleged to have sold tokens prior to the introduction of new crypto regulations. As a result, calls for transparency have extended to MPs, regulators, and public officials, prompting the Financial Services Commission (FSC) to update its Code of Conduct. The revised code prohibits FSC staff working with virtual assets from investing in undisclosed cryptocurrencies and mandates the reporting of any owned tokens. The FSC aims to implement these changes through legislative processes in the latter half of the year. South Korea and Japan are considered leaders in crypto regulation, potentially influencing other countries to adopt similar measures. Ukraine is among the early adopters, requiring sitting MPs to declare all assets, including cryptocurrencies.
