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Democratic Party of South Korea mandates parliamentary candidates disclose crypto holdings

Democratic Party of South Korea mandates parliamentary candidates disclose crypto holdings

The Democratic Party of Korea, which holds 167 out of 300 seats in the National Assembly, has implemented a new requirement for potential candidates to disclose their digital asset holdings before the 2024 general election.

According to the local outlet, News1, this disclosure is part of the party’s efforts to demonstrate the “high moral standards” of its candidates. Han Byung-do, the chairman of the Democratic Party’s strategic planning committee, reportedly stated in a closed-door meeting with journalists:

“We have decided to verify whether candidates have conflicts of interest in virtual assets from the screening stage of the verification committee.”

In the event of false reports, the party will withdraw that person’s candidacy. However, Byung-do did not provide further details on any consequences for holding crypto.

The information on potential candidates will be made publicly available on a separate online platform featuring details of their careers, educational background, and legislative activity plans.

The next general elections in South Korea are scheduled for 2024, with all 300 seats in the National Assembly open for reelection.

Related: South Korean regulator outlines steps to enhance digital asset legislation

In May, a member of the Democratic Party, Kim Nam-kuk, faced criticism when it was revealed that he had previously held at least $4.5 million in Wemix (WEMIX) tokens developed by the South Korean blockchain game developer Wemade.

Kim’s ownership of Wemix raised significant concerns regarding potential conflicts of interest, insider trading, and even money laundering. This case led to the swift progression of a legal initiative to require officials to report their cryptocurrency holdings in South Korea. However, a parliamentary ethics subcommittee of South Korea voted against a motion to expel Kim from the National Assembly. Nevertheless, the lawmaker left the Democratic Party.

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