A lawmaker from South Korea's ruling party has proposed mandating cryptocurrency KOLs to disclose their assets and compensation information.

Techub News reported, according to The Korea Herald, a lawmaker from South Korea's ruling party proposed amendments to the Capital Markets Act and the Virtual Asset User Protection Act, mandating that key opinion leaders (KOLs) providing investment advice on cryptocurrencies and other assets disclose their personal asset information and any compensation received for promoting cryptocurrencies. The proposal requires influencers to disclose the types and quantities of assets related to the crypto assets and financial products they recommend, with specific details to be stipulated by presidential decree. Violators will face penalties consistent with existing capital market violations (such as price manipulation, front-running). The proposal addresses issues such as influencers spreading misleading information on unregulated social media, engaging in self-dealing, and conflicts of interest, aiming to enhance investor transparency and protect their interests.