South Korean Lawmakers traded close to $100 Million Worth of Crypto

• South Korean lawmakers traded nearly $100 million in cryptocurrencies over three years, based on a report by the Anti-Corruption and Civil Rights Commission.
• Among 298 lawmakers investigated, 18 had digital asset records, with just 11 accounting for the majority of crypto transactions.
• Bitcoin was the favoured cryptocurrency, but lawmakers held 107 other crypto assets in their portfolios.

A recent investigation by South Korea’s Anti-Corruption and Civil Rights Commission reveals that members of the South Korean parliament, the National Assembly, engaged in cryptocurrency transactions amounting to nearly $100 million over three years.

The investigation, conducted over three months, scrutinized the digital asset transaction records of all 298 sitting lawmakers between May 30, 2020, and May 31, 2023.

The findings showed that 18 out of the 298 Korean lawmakers had records of digital asset ownership during this period, with just 11 lawmakers being responsible for the entire volume of crypto trading.

Total Estimated Volume: Around $97.6 Million in Crypto

According to the report, the collective trade volume of cryptocurrencies in lawmakers’ accounts is estimated to be approximately 125.6 billion Korean won, equivalent to $97.6 million. The investigation revealed that Bitcoin was the most favoured cryptocurrency among Korean lawmakers, although it also identified another 107 crypto assets in their portfolios.

In light of a scandal involving a member of the local Democratic Party in May 2023, who faced criticism for undeclared holdings of at least $4.5 million in Wemix (WEMIX) tokens, the South Korean government voted unanimously to mandate civil servants’ mandatory disclosure of crypto assets. Starting in 2024, nearly 6,000 South Korean officials will be required to publicly disclose their crypto holdings through the Public Official Ethics System.

Additionally, five major South Korean crypto exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax, will introduce separate “information provision systems” to facilitate the registration of information about crypto holdings.

This investigation sheds light on the involvement of South Korean lawmakers in cryptocurrency transactions and the government’s steps toward increased transparency in the crypto holdings of public officials.