South Korea’s National Assembly has officially passed a bill into law obliging lawmakers and high-ranking government officials to disclose their crypto asset holdings.
The new law is a response to a recent scandal involving a politician who allegedly violated campaign finance laws using cryptocurrency.
The “Kim Nam-guk Prevention Law”
According to a report from the local news agency News1, the relevant amendments to the National Assembly Act and Public Service Ethics Act were unanimously approved on May 22 by all legislators present in each, with 269 votes and 268 votes each.
The amendment to the National Assembly Act places cryptocurrency on the list of registered properties of lawmakers and “private interests.” Meanwhile, the amendment to the Public Officials Ethics Act was passed by the Public Administration and Security Committee on the same day, making high-ranking officials and members of the National Assembly must register their assets.
The bill was originally scheduled to go into effect in December but it fast tracked until this month after the newly elected leader of the conservative People Power Party, Rep. Yun Jae-ok, said that the previous date was “too late.”
“Due to the current high level of public interest, especially regarding lawmakers, it is not appropriate to implement the law six months after its promulgation,” the party leader said last week, while proposing a fast track version of last week’s bill.
The “public interest” refers to a high-profile scandal surrounding Kim Nam-guk – who is said to have cashed out $4.5 million in cryptocurrency on the Wemix exchange early last year. The same lawmaker backed legislation in 2022 to delay a law implementing a 20% capital gains tax on cryptocurrencies from 2023 to 2025, although he denied any conflict of interest.
However, the revelations invited investigations of the former Democratic Party lawmaker for suspected campaign finance violations, tax portals, and criminal possession of crypto.
Which Politicians Own Crypto in America?
Lawmakers in the United States are now required to disclose their crypto and Bitcoin holdings, with very few holding any digital assets. Senator Cynthia Lummis Revelation in 2021 he owns 5 BTC – three of which he bought for just $300.
Senator Ted Cruz also admitted to owning a little more than 2 BTC, respecting the asset as a long-term inflation hedge and decentralized management. Last month, he SAYS that he has a standing order to buy more Bitcoin every Monday morning.
“I like bitcoin for the same reason that the Chinese communist government doesn’t like bitcoin,” he said. “They don’t like bitcoin, and they ban it because they can’t control it.”
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% discount on Binance Futures fees first month (terms).
PrimeXBT Special Offer: Use this link to register and enter the code CRYPTOPOTATO50 to receive $7,000 on your deposits.