Concerns Over Privacy in Bill Requiring Disclosure of Coins Held by Finfluencers

A bill mandating the disclosure of virtual assets held by finfluencers has raised concerns about potential violations of privacy and personal data autonomy, according to the review opinion of the National Assembly's Political Affairs Committee. On the 26th, Kwon Hyun-jun, the chief expert of the committee, stated this in a review report on the amendment to the Virtual Asset User Protection Act. The amendment defines finfluencers as individuals other than virtual asset operators, and specifies those who repeatedly provide advice on investment decisions or induce the trading of specific virtual assets for compensation. However, Chief Expert Kwon pointed out that the scope of advice aimed at inducing digital asset trading is unclear, and there are concerns that excessive regulations may also apply to the general public. The amendment stipulates that failure to comply with the obligations could result in criminal penalties of more than one year of imprisonment or fines ranging from three to five times the amount of unjust enrichment. The Financial Services Commission expressed agreement with the intent of the amendment but noted that similar investment advisory service providers under the Capital Markets Act are not subject to asset disclosure obligations, indicating a need for prior review of effective enforcement. The Political Affairs Committee referred the amendment to the legislative subcommittee during its plenary session on the same day.

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