South Korean lawmakers on Thursday unanimously approved a new bill requiring public officials and candidates to disclose their crypto holdings from 2024, according to local news outlet Chosun-Ilbo.

High-ranking public officials above Grade 4, such as the members of the National Assembly, will be required to report their crypto holdings, regardless of amount, from Jan. 1, 2024.

The bill, spearheaded by conservative lawmaker Lee Man-hee, also imposes a limit on the investment amount for an official involved in the crypto sector.

​​The proposal follows the ongoing scandal surrounding former lawmaker Kim Nam-kuk of the opposing Democratic Party. He is under investigation by local prosecutors for campaign finance violations, tax portals and concealment of criminal proceeds surrounding his hidden crypto possessions and transactions.