South Korea proposes mandatory asset disclosure for crypto influencers: report

South Korea's ruling Democratic Party, through lawmaker Kim Seung-won, has introduced amendments to the Capital Markets Act and the Virtual Asset User Protection Act. These proposals mandate that social media "finfluencers" who regularly promote cryptocurrencies or other assets must disclose their personal holdings of crypto assets and financial products, as well as any compensation received for their endorsements. This move aims to enhance investor transparency and combat misleading information and conflicts of interest, which Kim cited as growing concerns. Penalties for non-compliance would mirror those for existing capital market offenses like price manipulation. This initiative aligns with global regulatory trends, as seen in the UK's FCA rules and SEC enforcement actions against U.S. celebrities for undisclosed crypto promotions.

(Source：The Block)