South Korea Proposes Transparency Rules for Financial Influencers

South Korea's Democratic Party is working on legislation that would require financial influencers, known as 'finfluencers,' to disclose their personal financial and virtual asset holdings when recommending investments. According to NS3.AI, the proposed amendments focus on individuals who frequently advise groups or receive compensation for their recommendations. The legislation aims to ensure transparency regarding the types and amounts of assets held by these influencers, as well as any payments they receive. Violations of these rules could result in penalties similar to those imposed for market manipulation and unfair trade practices.