Sunday, 14 July 2024

Crypto News

Democratic Party of South Korea to compel parliamentary candidates to disclose crypto

Democratic Party of South Korea to compel parliamentary candidates to disclose crypto

The Democratic Party of Korea, which holds 167 out of 300 mandates in the National Assembly, has made it mandatory for prospective candidates to disclose their virtual asset holdings before next year’s general election.

According to the local outlet, News1, the disclosure will be a part of the party’s effort to show the ‘high moral standards’ of its candidates. As the chairman of the Democratic Party’s strategic planning committee, Han Byung-do has reportedly stated behind the closed-door meeting with journalists:

“We have decided to verify whether candidates have conflicts of interest in virtual assets from the screening stage of the verification committee.”

In the case of false reports, the party will cancel that person’s candidature. However, Han Byung-do didn’t elaborate on any consequences for holding crypto. 

The information on prospective candidates will be made available to the public on a separate online platform featuring the details of their career and educational background and legislative activity plans.

The next general elections in South Korea will be held in 2024, with all 300 seats in the National Assembly open for re-election.

Related: South Korean regulator outlines steps to enhance digital asset legislation

This year, a member of the Democratic Party, Kim Nam-kuk, came under fire when he was found to have once held at least $4.5 million in Wemix (WEMIX) tokens developed by the South Korean blockchain game developer Wemade.

Kim’s involvement in WEMIX investments spurred significant concerns over potential conflicts of interest, using insider information and even money laundering. The case contributed to the rapid development of a legal initiative to require officials to report on their holdings of cryptocurrencies in South Korea. However, a parliamentary ethics subcommittee of South Korea has voted down a motion to expel Kim from the National Assembly. Still, the lawmaker was made to leave the Democratic Party.

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