South Korean lawmakers, part of the National Assembly, reportedly engaged in cryptocurrency transactions totaling almost $100 million over a three-year span, as revealed by the Anti-Corruption and Civil Rights Commission’s report on December 29. The investigation covered the digital asset transaction records of all 298 sitting lawmakers from May 30, 2020, to May 31, 2023.
Out of the 298 lawmakers, 18 were found to possess digital assets in the last three years, with only 11 accounting for the overall trading volume during the period. The estimated trade volume of cryptocurrencies in lawmakers’ accounts reached 125.6 billion Korean won ($97.6 million), with Bitcoin being the favored cryptocurrency. The report also identified 107 other crypto assets in lawmakers’ portfolios.
The investigation followed a scandal in May 2023 involving a member of the local Democratic Party who faced criticism for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens. In response, the South Korean government unanimously voted to mandate civil servants’ compulsory disclosure of cryptocurrency assets.
Starting in 2024, nearly 6,000 South Korean officials will be required to publicly disclose their crypto holdings through the Public Official Ethics System. Additionally, five major South Korean crypto exchanges, namely Upbit, Bithumb, Coinone, Korbit, and Gopax, will introduce separate “information provision systems” to streamline the registration of information related to crypto holdings.