South Korea's National Assembly has passed a bill requiring lawmakers and high-ranking public officials to report their holdings of cryptocurrencies. The bill, which involves amendments to the National Assembly Act and the Public Service Ethics Act, received unanimous support from the lawmakers. The move comes in response to a government scandal involving National Assembly members engaging in significant cryptocurrency transactions.
The scandal involved former member Kim Nam-kuk, who held millions of Wemix tokens. Concerns were raised about potential money laundering, conflicts of interest, and the use of insider information. In light of this, the South Korean government initiated the Kim Nam-guk Prevention Law, which includes cryptocurrency holdings in wealth reporting by senior officials.
The recent legal developments aim to address the issue and promote transparency and accountability among public officials. Prosecutors have also raided cryptocurrency exchanges Upbit and Bithumb to gather transaction records and related materials as part of their investigation.
Kim Nam-kuk has resigned from his political party and vowed to prove his innocence independently. He criticized media reports about his crypto dealings and said he would confront them with the truth.
Meanwhile, the Bank of Korea has been granted the authority to investigate cryptocurrency-related businesses and request transaction data from local crypto operators. The central bank is also collaborating with Samsung Electronics to research the offline capabilities of a central bank digital currency (CBDC) for payments.
These developments reflect South Korea's efforts to regulate and oversee cryptocurrency activities while ensuring transparency and accountability among public officials.
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