South Korean Lawmakers Engaged in Crypto Trading Worth $97.6 Million
The Anti-Corruption and Civil Rights Commission has disclosed that South Korean lawmakers participated in crypto trading, accumulating a total of 125.6 billion won ($97.6 million) over the last three years.
Lawmakers’ Crypto Activities Under the Spotlight
Out of the 298 sitting lawmakers, 18 possessed virtual assets during the specified period, with 11 actively trading. The buying and selling amounts reached 62.5 billion won ($48.4 million) and 63.1 billion won ($48.8 million) respectively, raising questions about the nature and motives behind these transactions.
The inspection also revealed that lawmakers held a diverse portfolio of virtual assets, including a total of 107 types, with Bitcoin being the most popular choice.
Discrepancies and Recommendations
The investigation found discrepancies in the holdings and transaction records of 10 lawmakers compared to their earlier declarations. It also uncovered a case where a lawmaker conducted 49 cryptocurrency transactions without reporting them to the National Assembly.
Furthermore, changes in the virtual asset holdings of three lawmakers occurred during standing committee meetings, raising ethical concerns about their focus on legislative responsibilities.
The commission recommended establishing a parliamentary rule mandating lawmakers to report their virtual asset holdings to enhance transparency and accountability within the National Assembly.
Hot Take: South Korean Lawmakers Involved in Crypto Trading Worth $98M
A recent inspection by the Anti-Corruption and Civil Rights Commission has revealed that South Korean lawmakers have engaged in cryptocurrency trading, accumulating an astonishing $97.6 million over the past three years. This revelation has raised concerns about the transparency and ethics of such financial activities among lawmakers. The investigation also highlighted discrepancies in holdings and transaction records, as well as the diverse range of virtual assets held by lawmakers. The commission has recommended the establishment of a parliamentary rule mandating the reporting of virtual asset holdings to enhance transparency and accountability within the National Assembly. This development underscores the need for greater scrutiny and regulation of cryptocurrency activities, particularly among public officials.
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