South Korea's Democratic Party pushes to mandate asset disclosure for finfluencers

South Korea's Democratic Party is pursuing legislation that would require financial influencers, or "finfluencers," who recommend stocks and virtual assets to disclose their own financial holdings, The Herald Business reported. Kim Seung-won, a Democratic Party lawmaker on the National Assembly's National Policy Committee, is preparing to propose amendments to the Capital Markets and Financial Investment Business Act and the Virtual Asset User Protection Act. The core of the proposed amendments would mandate that any individual who repeatedly advises a specific group on trading financial products or virtual assets, or who does so for compensation, must disclose the payment received as well as the type and quantity of their own holdings. Penalties for violations are reportedly being considered at a level comparable to existing unfair trade practices in the capital markets, such as market manipulation and front-running.