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- 1 Over 100 lawmakers of South Korea hold cryptocurrencies and have transacted Billions since 2019.
- 2 The commission investigated around 298 sitting lawmakers and 11 active traders.
- 3 In July, FSC noted that domestic firms would have to report bitcoin holdings starting in 2019 as part of new accounting regulations.
As per the Anti-Corruption and Civil Rights Commission reports, South Korean law enforcement is engaged in crypto trading amounting to 125.6 Billion Won in the past three years.
The commission disclosed on Friday, December 29, that during its 90-day investigation into the virtual asset transaction records of all 298 sitting lawmakers from May 30, 2020, to May 31, 2023, anomalies were found irregular in some instances and raised concern over the transparency of financial activities.
The Anti-Corruption and Civil Rights Commission reports indicate that 18 members hold virtual assets, of which 11 are active traders and always remain updated about the ongoing market.
The mode of these transactions and the illicit, profitable ways connected to them are in doubt. A lawmaker trying to hide his 49 crypto transactions said that his Bithumb crypto exchange got locked during his statement in the National Assembly.
Additionally, the investigation revealed that three lawmakers’ cryptocurrency holdings changed significantly while on the standing committee, indicating that they were engaged in transactions unrelated to their legislative responsibilities.
By the end of 2024, South Korea is likely to mandate transparency on the cryptocurrency holdings of public officials. Approximately 5,800 officials are anticipated to register their holdings using an integrated asset disclosure service, which will function under the supervision of the South Korea Ethics Policy Division.
Lawmakers in South Korea enacted legislation in June to strengthen investor protection for cryptocurrency.
The Financial Services Commission (FSC) and the Bank of Korea can now supervise cryptocurrency operators and asset custodians thanks to the new law, which consists of 19 measures about cryptocurrencies.
The FSC said in July that as part of new accounting regulations, domestic firms will have to report bitcoin holdings starting in 2019.
The new regulations would also mandate information disclosure from cryptocurrency issuers, encompassing internal accounting procedures, business strategies, and token specifics.
Pro-Crypto Politicians
The legislative environment surrounding blockchain assets is changing as more lawmakers support these networks. Politicians and even states are now being seen taking cryptocurrency in exchange for donations or tax payments.
The assistance of certain MPs who support cryptocurrencies has enabled these adoption-related activities. The ten politicians who support cryptocurrency are listed below.
Cynthia Lummis has worked in the cryptocurrency sector for longer than most politicians. Lummis is now known as the “Crypto Queen.” She has been in the market since 2013 and has frequently discussed the advantages of owning Bitcoin.
Tom Emmer talks about cryptocurrencies and how the community might be “empowered” by them.
Emmer has been identified as the Congressional Blockchain Caucus Co-Chair as well.
The Congressional Blockchain Caucus aims to research the potential applications of cryptocurrencies to enhance corporate processes and determine how they will impact the market.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
