The South Korean National Assembly has officially passed a bill requiring 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 local news agency News1, the relevant amendments to the National Assembly Law and the Public Service Ethics Law were unanimously approved on May 22 among all lawmakers present for each, with 269 votes and 268 votes respectively .

The amendment to the National Assembly Act includes cryptocurrency on the lawmakers’ list of registered property and “private interests.” Meanwhile, the amendment to the Public Officials Ethics Law was approved on the same day by the Public Administration and Security Committee, so that both high-ranking officials and members of the National Assembly must register their possessions.

The bill was originally scheduled to be implemented in December, but was accelerated to this month after the newly elected leader of the conservative People’s Power Party, Rep. Yun Jae-ok, said the earlier date was “too late.”

“Given the current high level of public interest, especially as far as legislators are concerned, it is not appropriate to enforce the law six months after enactment,” the party leader said last week, while proposing an accelerated version of the bill. of law last week.

The “public interest” refers to a high-profile scandal surrounding Kim Nam-guk, who allegedly cashed out $4.5 million worth of cryptocurrency on the Wemix exchange early last year. The same legislator backed legislation in 2022 to defer a law implementing a 20% capital gains tax on cryptocurrencies from 2023 to 2025, though he denies any conflicts of interest.

However, the revelations prompted an investigation of the former Democratic Party lawmaker on suspicions of campaign finance violations, tax portals, and criminal possession of cryptocurrency.

What politicians have crypto in America?

Lawmakers in the United States are already required to disclose their cryptocurrency and Bitcoin holdings, among which only a small number own digital assets. Senator Cynthia Lummis revealed in 2021 he owns 5 BTC, three of which he bought for just $300.

Senator Ted Cruz has also confessed to owning just over 2 BTC, respecting the asset as a long-term inflation hedge and decentralized government. Last month he saying who has a standing order to buy more Bitcoin every Monday morning.

“I like bitcoin for the same reason the Chinese communist government doesn’t like bitcoin,” he said. “They don’t like Bitcoin and they banned it because they can’t control it.”

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