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The cryptocurrency market continues to become a part of our daily lives. Accordingly, the Democratic Party of Korea, which holds 167 out of 300 seats in the Korean National Assembly, has made it mandatory for candidates to disclose their crypto assets before the 2024 general elections. According to News1, a press organization operating in Korea, this disclosure will be part of the party candidates’ efforts to prove their “high moral standards.”
Notable Step from the Democratic Party
While this decision has attracted attention both in the country and in the international media, Han Byung-do, the chairman of the strategic planning committee of the Democratic Party, made the following statement regarding this development in a closed meeting with journalists:
“We have decided to verify whether there is any conflict of interest in candidates’ crypto assets starting from the screening stage of the verification committee.”
If any false reports are submitted, the party will cancel the candidacy of the person in the general elections. However, Byung-do did not provide detailed information about the consequences of candidates owning crypto assets.
According to allegations, information about the candidates, including their careers, educational backgrounds, and details of their legislative activities, will be presented to the public on a separate online platform. The next general elections in South Korea will be held in 2024, and all 300 seats in the National Assembly will be up for reelection.
Allegations Shaking South Korea
In May, it was widely reported in the country when Kim Nam-kuk, a member of the Democratic Party, was found to have held at least $4.5 million worth of Wemix (WEMIX) tokens developed by South Korean blockchain game developer Wemade.
Kim’s investment in Wemix tokens raised concerns about potential conflicts of interest, insider trading, and even money laundering. The case contributed to the rapid development of a legal initiative in South Korea requiring officials to report their cryptocurrency assets.
With all these developments, the ethics subcommittee of the South Korean parliament also rejected a motion to expel Kim from the National Assembly. However, the member had to resign from the Democratic Party.
