Korean Democratic Party Mandates Crypto Disclosure for Candidates Ahead of Elections
Summary:
The Korean Democratic Party has mandated potential candidates to disclose their virtual asset holdings ahead of next year's elections, as a part of their campaign to demonstrate high ethical standards. The announcement was made by the party’s strategic planning committee chair, Han Byung-do. Any inaccuracies reported will lead to the withdrawal of the candidates' nominations. The candidates' information will be made public on a separate online platform. This decision follows an incident this year where party member Kim Nam-kuk was found to have held a sizable amount of cryptocurrency, sparking concerns about conflict of interest and insider trading.
The Democratic Party in Korea, with its 167 seats out of a total 300 in the National Assembly, has now made it compulsory for potential candidates to reveal their holdings in virtual assets in advance of the impending general elections next year. News1, a local media outlet, shared that this revelation is part of the party's strategy to demonstrate the exemplary moral standards of its candidates. The committee's chair for strategic planning, Han Byung-do, informed reporters in a private meeting, "At the screening stages of the verification committee, we'll ascertain whether candidates possess any potential conflicts of interest regarding virtual assets." He did not clarify, however, whether there would be any repercussions for owning cryptocurrency. Candidates found guilty of providing false reports will have their candidacy withdrawn.
They will reveal the details of potential candidates, including their career history, educational background, and legislative plans on a separate digital platform accessible to the public. The upcoming general elections are due in 2024 in South Korea, during which all 300 seats in the National Assembly will be up for re-election.
Earlier this year, an episode involving Kim Nam-kuk, a member of the Democratic Party, ignited controversy. He was revealed to have held a minimum of $4.5 million in Wemix (WEMIX) tokens, a product of South Korean blockchain game developer, Wemade. Kim's investments in WEMIX raised several serious concerns, including conflicts of interest, improper use of privileged information, and possible money laundering. This incident led to the quick-paced creation of a law that mandates officials to disclose their cryptocurrency holdings in South Korea. Despite this, South Korea's parliamentary ethics subcommittee rejected a proposal to remove Kim from the National Assembly. The legislator did, however, have to leave the Democratic Party. On another note, two years since the passing of John McAfee, his widow Janice is financially strapped and seeking clarification.
Published At
11/14/2023 9:30:29 AM
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