South Korean lawmakers engaged in cryptocurrency transactions exceeding 125.6 billion won, as disclosed by the Anti-Corruption and Civil Rights Commission.
Key Takeaways
- South Korean lawmakers conducted cryptocurrency transactions totaling 125.6 billion won over the past three years.
- Out of 298 lawmakers, 18 held cryptocurrencies, and 11 actively traded during the period.
- Rep. Kim Nam-kuk constituted 90% of the total transactional volume, prompting an investigation into his crypto holdings.
- Discrepancies were found between lawmakers’ reported crypto assets and their actual holdings, highlighting potential non-compliance with disclosure regulations.
Cryptocurrency Transactions by South Korean Lawmakers
In a revelation by South Korea’s Anti-Corruption and Civil Rights Commission on Friday, data indicates that lawmakers in the country engaged in cryptocurrency transactions amounting to 125.6 billion won ($97.6 million) over the last three years.
This disclosure emerged from an inspection of virtual asset transaction records for all 298 sitting lawmakers between May 30, 2020, and May 31, 2023.
The investigation uncovered that Kim executed cryptocurrency transactions worth 55.5 billion won in buying and 56.3 billion won in selling, resulting in a profit of approximately 800 million won.
Discrepancies and Compliance Concerns
South Korean laws mandate high-level government officials to disclose their virtual asset holdings. However, the investigation identified discrepancies between lawmakers’ reported crypto assets and their actual holdings, raising concerns about compliance with disclosure regulations.
South Korean Lawmakers Conducted $97M in Crypto Transactions in 3 Years https://t.co/X5FfHu2u7O pic.twitter.com/Du8VOr7Ftc
— Janina Frabell (@FrabellJanina) December 29, 2023
For instance, one lawmaker conducted 49 crypto transactions on Bithumb without reporting any of them, indicating potential lapses in adherence to disclosure requirements.
The investigation recommends further scrutiny of the transactions of some lawmakers to ensure compliance.
To Conclude
The disclosure of significant cryptocurrency transactions by South Korean lawmakers, particularly the dominance of Rep. Kim Nam-kuk in transactional volume, has triggered an investigation and raised concerns about compliance with virtual asset disclosure regulations.
The identified discrepancies underscore the need for thorough scrutiny and adherence to disclosure requirements, aligning with South Korea’s broader agenda to regulate cryptocurrencies.
