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- Yun urged that the new cryptocurrency regulations be addressed before December.
- A legislative committee unanimously endorsed the revised Public Service Ethics Act.
The People’s Power Party (PPP), the ruling party in South Korea, has introduced a new bill encouraging lawmakers and other senior government officials to expedite the establishment of cryptocurrency legislation and regulations. This appeal was made on Tuesday, May 23. PP House Leader Yun Jae-ok made these remarks during a press briefing.
He urged that the enforcement of new cryptocurrency regulations be advanced to before December. Rep. Jae-ok added that the law needs to be modified to incorporate a clause that accelerates enforcement, as the current timeline is deemed too delayed.
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On Monday, May 22nd, a legislative committee unanimously endorsed the revised Public Service Ethics Act. As reported by Yonhap News, Yun Jae-ok approached a senior member of the Public Administration Committee to request a modified proposal.
The representative stated:
“Considering the current significant public interest, particularly concerning lawmakers, it is inappropriate to enforce the law six months after its promulgation.”
Furthermore, the legislation requires that all government employees, including lawmakers, disclose their cryptocurrency holdings in their mandatory annual financial disclosures. This follows a recent crypto-related incident involving now-independent member Kim Nam-kuk. The legislation also aims to enhance transparency regarding the holdings of lawmakers.
In 2021, Kim, a member of the opposition Democratic Party, held over 800,000 Wemix coins, valued at approximately 6 billion won (US$4.5 million). Kim did not report these assets in his personal financial disclosures, unlike cash, stocks, and bonds. Yun also suggested that Kim may have liquidated 250 million won in coins in February, raising further inquiries. Yun indicated that Kim could be involved in cryptocurrency-related money laundering activities.
