- Recent report reveals: 20% of South Korean lawmakers engaged in cryptocurrency trading, totaling nearly $100 million in transactions over three years.
- Bitcoin emerged as the favored cryptocurrency among Korean politicians, yet their portfolios spanned across 100+ other digital assets.
- New legislation mandates public officials to disclose their cryptocurrency holdings beginning in 2024.
- To enforce compliance, the top five South Korean cryptocurrency exchanges will introduce "information provision systems" tailored for politicians.
Cryptocurrencies are sparking immense interest in South Korea, captivating not just the public but also the country's political leaders. Shockingly, a significant number of parliamentarians, around 20%, have seen substantial gains from their investments in digital assets over the last three years. This surge in crypto wealth among lawmakers triggered the Korean government to introduce new transparency laws concerning cryptocurrencies for both citizens and officials.
The frenzy surrounding crypto within the National Assembly intensified when a Democratic Party member faced scrutiny for concealing ownership of Wemix (WEMIX) tokens worth at least $4.5 million. As a result, the Anti-Corruption and Civil Rights Commission conducted a comprehensive investigation into the digital asset transactions of all 298 serving members, revealing striking insights. Approximately 6% of lawmakers had digital asset records, while an additional 3.7% accounted for the entire crypto trading volume among politicians.
The investigation uncovered a staggering 125.6 billion Korean won ($97.6 million) in crypto trades, primarily involving Bitcoin, showcasing the extensive involvement of politicians in the crypto market. Moreover, these officials diversified their portfolios, delving into a total of 107 different types of assets, highlighting diverse preferences among South Korean politicians.
This revelation prompted the South Korean government to take action. They passed a law mandating nearly 6000 civil workers to disclose their crypto holdings via the Public Official Ethics System starting in 2024. The law also requires the country's major crypto exchanges to establish dedicated systems for public officials to register their crypto assets, promoting increased transparency and accountability.
It's essential to note that while this information aims to be accurate and current, Voice of Crypto does not assume liability for any missing or incorrect data. Cryptocurrencies are highly volatile assets, so it's crucial to conduct thorough research and make informed financial decisions independently.
#Korea #Crypto2024 #cryptocurrency #BinanceSquare #BinanceSquareTalks