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South Korea’s National Assembly has formally enacted legislation mandating that lawmakers and senior government officials disclose their cryptocurrency holdings.
This new regulation is a reaction to a recent controversy involving a politician who was reportedly breaching campaign finance regulations through the use of cryptocurrency.
The “Kim Nam-guk Prevention Law”
As reported by local news outlet News1, the pertinent amendments to the National Assembly Act and the Public Service Ethics Act were unanimously approved on May 22 by all lawmakers present, receiving 269 votes and 268 votes respectively.
The amendment to the National Assembly Act includes cryptocurrency in the list of assets that lawmakers must register as part of their “private interests.” In parallel, the amendment to the Public Officials Ethics Act was approved by the Public Administration and Security Committee on the same day, requiring both high-ranking officials and National Assembly members to declare their holdings.
The bill was initially set to take effect in December but was expedited to this month after the newly elected leader of the conservative People Power Party, Rep. Yun Jae-ok, stated that the original timeline was “too late.”
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“Considering the current significant public interest, particularly concerning lawmakers, it is inappropriate to implement the law six months after its announcement,” the party leader remarked last week while advocating for a quicker version of the bill.
The term “public interest” pertains to a notable scandal involving Kim Nam-guk, who was accused of liquidating $4.5 million in cryptocurrency at the Wemix exchange early last year. This same lawmaker had supported legislation in 2022 to postpone the introduction of a 20% capital gains tax on cryptocurrencies from 2023 to 2025, although he has denied any conflicts of interest.
Nonetheless, these disclosures have led to investigations into the former Democratic Party lawmaker for alleged campaign finance infractions, tax evasion, and illegal possession of cryptocurrency.
Which Politicians Hold Crypto in America?
In the United States, lawmakers are already obligated to disclose their cryptocurrency and Bitcoin holdings, with only a limited number possessing any digital assets. Senator Cynthia Lummis disclosed in 2021 that she owns 5 BTC, three of which she purchased for merely $300.
Senator Ted Cruz has also admitted to owning slightly more than 2 BTC, viewing the asset as a long-term hedge against inflation and a means of decentralized governance. Last month, he mentioned that he has a standing order to acquire more Bitcoin every Monday morning.
“I appreciate bitcoin for the same reason that the Chinese communist government dislikes bitcoin,” he stated. “They oppose bitcoin and have banned it because they cannot control it.”
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