South Korean lawmaker holdings investigation: Bought $50 million in cryptocurrency over three years, ten individuals reported discrepancies.

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South Korean Lawmaker Buys Nearly $50 Million in Cryptocurrency Over Three Years

According to the results of a comprehensive investigation by the Anti-Corruption and Civil Rights Commission of South Korea, South Korean lawmakers purchased a total of 62.5 billion Korean won, approximately $48 million, worth of cryptocurrency between May 30, 2020, and May 30 of this year. The sales value was also equivalent to the purchase amount, totaling 63.1 billion Korean won, around $48.6 million.

Note: All amounts are cumulative.

The report stated that the investigation covered 36 cryptocurrency asset service providers in South Korea. Committee vice chairman Jung Seung-yoon stated:

This virtual asset investigation was conducted in cooperation with relevant institutions, in accordance with the law and fair principles.

Number of Lawmakers Trading Cryptocurrencies Rises, Bitcoin Dominates

The investigation revealed that in 2022, only 8 lawmakers held 24 types of cryptocurrency, but by 2023, the number of investors had increased to 18, holding 107 types of cryptocurrency, accounting for approximately 6% of the total number of South Korean parliamentarians.

Additionally, 10 lawmakers either reported inaccurately or did not report at all, with Bitcoin being the most commonly traded cryptocurrency among them.

South Korea Passes Legislation Requiring Senior Officials to Disclose Crypto Holdings

South Korea's parliament initially passed legislation in May 2023, requiring lawmakers to disclose their cryptocurrency holdings, following a large-scale suspicious cryptocurrency transaction involving former Democratic Party lawmaker Kim Nam-guk.

Recently, South Korea's personnel management department announced that starting next year, around 5,800 senior officials will be required to disclose detailed information about their cryptocurrency holdings.

South Korea Discloses Cryptocurrency Holdings of Senior Officials, Enhancing Political Transparency