South Korean Lawmakers Trade Nearly $100M in Cryptocurrencies Over Three Years, Report Reveals
Summary:
South Korean lawmakers have traded nearly $100 million in cryptocurrencies over the past three years, according to an Anti-Corruption and Civil Rights Commission report. Bitcoin was the preferred digital asset among the politicians, who also held 107 different types of cryptocurrencies. Following a scandal surrounding undeclared cryptocurrency holdings in 2023, the Korean government decided to require public servants to publicly disclose their digital asset holdings starting in 2024. Five major local crypto exchanges will also introduce separate systems for easier registration of crypto asset information.
In the previous three years, South Korean National Assembly members have traded close to $100 million in digital assets, according to a report issued by the Anti-Corruption and Civil Rights Commission of South Korea on December 29. The publication is the result of a three-month inquiry into the transaction history of virtual assets of all 298 active legislators from May 30, 2020, to May 31, 2023. The investigation revealed that 18 of the 298 lawmakers possessed virtual assets in the last three years, but only 11 lawmakers accounted for all of the trading volume during this period. The report indicates that the total trade volume of digital assets in the legislators' accounts is approximately 125.6 billion won ($97.6 million US dollars).
Bitcoin turned out to be the cryptocurrency of choice for Korean lawmakers, but the report mentions that they also held 107 different types of cryptocurrencies. After a scandal involving a member of the local Democratic Party, who was criticised for not declaring holdings of at least $4.5 million in Wemix (WEMIX) tokens in May 2023, the Korean government unanimously decided to enforce mandatory disclosure of crypto assets by public servants.
Starting from 2024, nearly 6,000 South Korean officials will be required to divulge their digital asset holdings through the Public Official Ethics System. In addition, five leading local crypto exchanges — Upbit, Bithumb, Coinone, Korbit, and Gopax — will implement separate information disclosure systems, simplifying the registration of crypto asset information.
Published At
12/29/2023 1:21:15 PM
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