(MENAFN) According to local media reports on Thursday, lawmakers and high-level officials in South Korea will be obligated to declare their cryptocurrency and virtual asset holdings later this year. The country’s parliament unanimously passed bills addressing this measure, which is scheduled to come into effect in December. The move comes in response to concerns raised over a lawmaker’s significant cryptocurrency holdings, aiming to address transparency and potential conflicts of interest, as reported by Yonhap news agency.
The decision to revise existing legislation followed the revelation that independent legislator Kim Nam-kuk held a substantial amount of Wemixcoins in 2021. In an effort to prevent such situations and ensure accountability, the new legislation also includes provisions aimed at curbing conflicts of interest among lawmakers. Specifically, individuals holding positions that grant them access to privileged information or the ability to influence virtual asset-related laws will be prohibited from owning such assets.
Additionally, lawmakers approved a revision that paves the way for a comprehensive investigation into the virtual asset holdings of all legislators. Under the revised legislation, it is now mandatory for legislators to disclose their cryptocurrency assets as part of their regular asset declaration process. This step aims to enhance transparency and accountability within the legislative body.
The establishment of a panel will facilitate the investigation of potential conflicts of interest arising from lawmakers’ virtual asset holdings in relation to their legislative responsibilities. The panel’s objective is to thoroughly examine the presence of any conflicts and take appropriate actions to ensure the integrity of legislative decision-making.
With the passing of these bills, South Korea takes a significant step towards greater regulation and transparency in the realm of cryptocurrencies and virtual assets within its political sphere. By requiring lawmakers to declare their holdings and investigating potential conflicts of interest, the country aims to foster an environment of trust and accountability among its legislators.
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