Democratizing Transparency: South Korea’s Democratic Party Pushes for Crypto Holdings Disclosure among Parliamentary Candidates

Democratic Party of Korea Requires Disclosure of Digital Asset Holdings

Democratic Party of Korea Requires Disclosure of Digital Asset Holdings

The Democratic Party of Korea, which currently holds 167 out of 300 seats in the National Assembly, has announced that prospective candidates will be required to disclose their digital asset holdings before the 2024 general election. This move aims to demonstrate the party’s commitment to high moral standards among its candidates.

According to local outlet News1, the chairman of the Democratic Party’s strategic planning committee, Han Byung-do, revealed in a closed-door meeting with journalists that the party will verify whether candidates have conflicts of interest in virtual assets during the screening process carried out by the verification committee.

In cases of false reports, the party will cancel the person’s candidature. However, no specific consequences for holding cryptocurrencies were mentioned by Byung-do.

The disclosed information on prospective candidates will be made available to the public on a separate online platform. This platform will include details of their careers, educational background, and legislative activity plans.

The general elections in South Korea will take place in 2024, with all 300 seats in the National Assembly open for reelection.

In a related development, a member of the Democratic Party, Kim Nam-kuk, faced criticism when it was discovered that he had previously held at least $4.5 million worth of Wemix (WEMIX) tokens developed by South Korean blockchain game developer Wemade. Concerns were raised about potential conflicts of interest, insider trading, and money laundering. This incident contributed to the acceleration of a legal initiative in South Korea that requires officials to report their cryptocurrency holdings.

However, a parliamentary ethics subcommittee of South Korea voted against expelling Kim from the National Assembly. Nevertheless, the lawmaker chose to leave the Democratic Party.

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