Between May 30, 2020, and May 31, 2023, the Anti-Corruption and Civil Rights Commission probed digital asset transaction data of the 298 current legislators.
South Korea Lawmakers Involvement in Crypto
The nation’s Anti-Corruption and Civil Rights Commission report disclosed that members of South Korea’s national assembly purchased or sold cryptocurrency worth nearly $100M within three years.
This report comes after a three-month probe into the transaction information of the 298 sitting legislators between May 30, 2023, and May 31, 2023.
According to the investigation, 18 out of the legislators possess records of digital asset ownership in the past three years. Additionally, only 11 make up the overall volume traded at that time.
The report notes that the precise crypto trade volume in the legislators’ accounts is approximately 125.6 billion Korean won ($97.6M). Bitcoin was the most preferred by the legislators. Nevertheless, the report notes another 107 crypto assets in legislators’ portfolios.
Korea Government Forces Civil Servants to Declare Crypto Assets
Following a May 2023 scandal that involved a local Democratic Party member coming under attack because of undeclared holdings of at least $4.5M in Wemix tokens, the nation’s government voted to compel civil servants’ compulsory divulgence of crypto assets.
Starting in 2024, nearly 6000 South Korean officials will be required to openly reveal their crypto holdings via the Public Official Ethics System. Further, five Bithumb, Upbit, Gopax, Coinone, and Korbit will unveil ‘information provision systems’ to ease the registration of data concerning crypto holdings.
SureTradeGroup.com is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site is paid content that is not written or posted by our writers or editors and the opinions expressed do not reflect the opinions of this website. Any disagreement you may have with brands or companies mentioned in articles will need to be taken care of directly with those specific brands and companies. The responsibility of anyone who may click links in our articles and ultimately sign up for that product or service is their own. Forex, Stocks, Cryptocurrencies, NFTs and Dogital Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.