South Korean lawmakers have traded nearly $100 million in crypto in 3 years
Members of South Korea's parliament, the National Assembly, bought or sold nearly $100 million in cash over a three-year period, according to a report published Dec. 29 by the country's Anti-Corruption and Civil Rights Commission.
The report conducted a three-month investigation into the digital asset transaction records of all 298 sitting lawmakers between May 30, 2020 and May 31, 2023. The survey found that 18 out of 298 Korean lawmakers had digital asset holdings at the latest. Three years, only 11 drafters of the law and only covers the total amount of business.
According to the report, the actual trading volume of crypto in the lawmakers' account is estimated to be 125.6 billion Korean won ($97.6 million).
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Bitcoin (BTC) was the most popular cryptocurrency among Korean lawmakers. However, the report mentions another 107 crypto assets in the legislative portfolio.
In the year In May 2023, after a member of the local Democratic Party came under fire for undisclosed holdings of $4.5 million in Wemix (WEMIX) tokens, the South Korean government voted unanimously to make public employees' crypto holdings mandatory.
Starting in 2024, around 6,000 South Korean officials will be required to publicly disclose their crypto holdings through a public official ethics system, while five major South Korean crypto exchanges — Upbit, Bithumb, Coinone, Korbit and Gopax — will launch separate “information provision systems,” about crypto. Holdings Simplify data registration.
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