South Korea to Require Crypto, Stock Influencers to Disclose Holdings

South Korean lawmaker Kim Seung-won is proposing amendments to existing financial laws that would mandate social-media personalities promoting virtual assets and stocks to disclose their asset holdings and any compensation received for their endorsements. This requirement would apply to advice given through various media, with specific criteria to be detailed by presidential decree. The goal of the initiative is to reduce conflicts of interest and enhance transparency, as these so-called "finfluencers" often wield significant influence, leading to unpredictable investor losses. Violations of these new rules could result in penalties comparable to those for market manipulation or insider trading. This move aligns with global regulatory trends, as other bodies like the UK's FCA and Italy's CONSOB have also tightened rules regarding financial promotions by online influencers.

(Source：Cointelegraph)