South Korea Accelerating Crypto Law Enforcement

South Korea Accelerating Crypto Law Enforcement

South Korea’s ruling party requests the introduction of crypto laws and rules for lawmakers and high-level officials to report their cryptocurrency holdings and bring transparency after a recent crypto scandal involving a Democratic Party affiliate.

On Tuesday, May 23, South Korea’s ruling party – People Power Party (PPP) – requested a new bill asking lawmakers and other high-level Government officials to introduce cryptocurrency laws and regulations at the earliest.

Rep. Yun Jae-ok, the floor leader of PP made the remarks to reporters. He requested for preponing the enforcement of cryptocurrency regulations as of now scheduled for December. Representative Jae-ok also mentioned that the present timeline is as well late and the bill shall be revised for an extra clause moving up the enforcement.

On Monday, May 22, the lawmakers passed the revision to the Public Service Ethics Act via a parliamentary subcommittee. According to local news publication Yonhap News, Yun Jae-ok requested a leader of the Public Administration Committee to propose a modified version. The representative said:

“Given the present high degree of interest of the public, especially regarding lawmakers, it’s not appropriate to enforce the law 6 months thereafter after the promulgation”.

Cryptocurrency Laws to Force Lawmakers to Declare Their Holdings

The bill likewise asks lawmakers and other Government officials to report digital currencies in their annual investment disclosure. Similarly, the bill seeks to attract greater transparency in the cryptocurrency investment holdings of lawmakers following a recent cryptocurrency scandal involving now-independent lawmaker Kim Nam-kuk.

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Kim, affiliated with the opposition Democratic Party owned around 800,000 Wemix coins in 2021, worth around 6 Billion won (US$4.5 million) back then. Nonetheless, Kim didn’t disclose them as part of his personal assets, unlike other disclosures for cash, stocks, and bonds.

Furthermore, in fresh suspicions, Yun stated that Kim cashed 250 Million won worth of coins in February. “ And once of investment declaration, Rep. Kim did not report 250 Million won he withdrew in cash. Where did the money go?” Yun said.

Yun likewise stated that there is a likelihood of Kim using his cryptocurrency dealings for money laundering. Similarly, the push for cryptocurrency regulations comes at a time when Hong Kong is preparing its own cryptocurrency laws. With this Hong Kong is attempting to set up itself as the cryptocurrency hub of Asia. Consequently, the introduction of formal cryptocurrency laws by South Korea will attract clarity for cryptocurrency enterprises to work in the country.

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