An Investigation Reveals South Korean Lawmakers Traded Almost $100 Million in Crypto
South Korea’s Anti-Corruption and Civil Rights Commission conducted an investigation into the digital asset transaction records of all members of the country’s National Assembly. The investigation revealed that lawmakers bought or sold around $97.6 million in crypto from May 30, 2020, to May 31, 2023.
Details of the Investigation
The Anti-Corruption and Civil Rights Commission released a report after examining the digital asset transaction history of all 298 members of the National Assembly. Out of those members, 18 had records of digital asset possession. However, only 11 lawmakers were responsible for the total transaction volume during the investigation period. Bitcoin was discovered to be the most favored crypto asset among the lawmakers.
Scandal Prompts Lawmakers to Disclose Holdings and Transactions
The investigation was prompted by a scandal surrounding former lawmaker Kim Nam-kuk, which revealed his significant crypto investments. Following the scandal, there was a demand to investigate the crypto holdings of lawmakers. Prime Minister Han Deok-soo called on high-ranking public officials to disclose their crypto holdings in response to the demand.
Disclosure of Property Holdings by Public Officials
South Korea’s Ministry of Personnel Management announced that 5,800 public officials, including lawmakers, will disclose their property holdings, including crypto, to the Public Ethics and Transparency Initiative starting January 2024. This initiative aims to address transparency concerns in public service. The Ministry expects that the transparency of the public service will be enhanced through the registration of virtual assets.
Legislation Mandating Disclosure of Crypto Holdings
Earlier this year, South Korea introduced draft legislation requiring companies that own or issue cryptocurrencies to disclose their crypto holdings in financial statements from 2024.
Hot Take: South Korean Lawmakers Under Scrutiny for Crypto Trading
A recent investigation into the digital asset transaction records of South Korean lawmakers has revealed that they traded almost $100 million in crypto over a period of three years. This revelation comes as part of efforts to increase transparency and address concerns over corruption. The investigation was prompted by a scandal involving a former lawmaker and has resulted in calls for disclosure of crypto holdings by public officials. The disclosure of property holdings, including cryptocurrencies, is set to begin in 2024. This move towards transparency is an important step in ensuring accountability and maintaining public trust in the country’s governance.
By
By
By
By
By