South Korean Lawmakers, Officials Must Disclose Crypto Holdings Under New Legislation

Zinger Key Points
  • High public interest drives push for quicker enforcement of cryptocurrency asset declaration law.
  • South Korean lawmaker faces allegations of cashing out significant amount of cryptocurrency.

South Korean politician Yun Jae-ok has called for expedited implementation of a bill that would require lawmakers and high-level government officials to declare their cryptocurrency-related assets.

The implementation was originally scheduled for December. Yun now aims to bring forward the enforcement date to within one or two months, according to Yonhap news agency.

The move comes amidst growing public interest and recent allegations against an opposition party politician.

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He further revealed that he had requested the leader of the Public Administration Committee to propose a modified version of the bill, which is set for a vote on Friday.

The push for accelerated implementation comes in the wake of allegations made against independent lawmaker Rep. Kim Nam-kuk, formerly associated with the opposition Democratic Party of Korea.

The country's financial watchdog reported Kim to local prosecutors over suspicious cryptocurrency transactions.

Kim denied any wrongdoing.

Yun also raised concerns about the discrepancy in the reported amount of cashed-out coins by Kim, who had previously supported a provision to defer taxation on virtual assets.

While Kim initially claimed to have cashed out 4.4 million won in February and March last year. Yun alleged that the actual amount was 250 million won.

The proposed bill to require cryptocurrency asset declaration by lawmakers and high-level government officials aims to enhance transparency and accountability within the political sphere.

It reflects the growing recognition of the need for regulation and oversight in the cryptocurrency space, particularly among public figures and decision-makers.

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Image by OpenClipart-Vectors from Pixabay

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