South Korean lawmakers have been involved in significant cryptocurrency transactions over the past three years, with a total estimated trade volume of $97.6 million. A recent report from the country’s Anti-Corruption and Civil Rights Commission revealed that out of the 298 sitting lawmakers, 18 had records of virtual asset possession, and only 11 were responsible for all the traded volume during the period.
Bitcoin was the most popular cryptocurrency among the lawmakers, but they also held 107 different crypto assets in their portfolios. The revelation of these transactions comes after a scandal involving a member of the local Democratic Party who faced criticism for undeclared holdings of at least $4.5 million in Wemix tokens.
In response to the scandal, the South Korean government unanimously voted to require civil servants to disclose their crypto assets. Starting in 2024, nearly 6,000 officials will be obligated to publicly disclose their crypto holdings through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges will launch separate “information provision systems” to simplify the registration of information about crypto holdings.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | National Assembly, Democratic Party, Public Official Ethics System, Anti-Corruption and Civil Rights Commission, South Korean government |
| Currencies | Bitcoin, WEMIX |
| Securities | None |
