South Korean politicians bought $50M worth of crypto in 3 years
Between May 30, 2020 and May 30, 2023, members of South Korea's National Assembly bought 62.5 billion won (about $48 million) worth of crypto and sold 63.1 billion won (about $48.6 million) worth of crypto.
This year, South Korea is increasing its efforts for crypto regulation. After discovering that some politicians are involved in dubious crypto trading, their focus is on regulating their crypto activities.
About 6% of South Korean National Assembly members support Crypto
Cryptocurrency is gaining popularity among members of South Korea's National Assembly.
An investigation by the Anti-Corruption and Civil Rights Commission shows that in 2022, only 8 members owned 24 different crypto assets. However, by 2023 the number has grown to 17 members, holding 107 types of crypto assets. This number accounts for 6 percent of South Korea's National Assembly members.
The investigation covered 36 local virtual assets service providers. Jeong Seung-yeon, Acting Chairman of the Anti-Corruption and Civil Rights Commission, said:
“This virtual asset investigation was conducted in a fair manner in accordance with the law and principles in cooperation with the relevant agencies.”
Read more: Crypto Regulation: What are the Pros and Cons?
At the time of the investigation, the most traded currency of the members was Bitcoin (BTC). From 2020 to 2023, members of the National Assembly bought a total of $48 million worth of crypto, while they sold $48.6 million worth of crypto.
There were also some discrepancies in the information provided by the 10 members of South Korea's National Assembly.
BeinCrypto reported in May 2023 that South Korea's National Assembly passed a law requiring lawmakers to disclose their crypto holdings. The bill was discussed as opposition politician Kim Nam-kook faced allegations of dubious crypto trading.
Read more: 7 Best Pro Accounts for Crypto Trading
Do you have anything to say about the members of the South Korean National Assembly, crypto trading or something else? Write to us on our Telegram channel or join the conversation. You can also find us on TikTok, Facebook or X (Twitter).
For BeInCrypto's latest Bitcoin (BTC) analysis, click here.
Disclaimer
Adhering to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news report aims to provide accurate and up-to-date information. However, readers are advised to independently verify facts and consult with professionals before making any decisions based on this content. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
