The Ethics Commission in South Korea has disclosed that high-ranking public officials in the nation possess an average of 35.1 million won (approximately $24,000) in cryptocurrency holdings.
On March 27, the commission reported that over 20% of the public officials surveyed have a combined total of 14.4 billion won (around $9.8 million) invested in crypto. This indicates that 411 out of 2,047 officials, who are required to disclose their assets, hold cryptocurrencies.
The largest individual disclosure came from Seoul City Councilor Kim Hye-young, who reported holding 1.76 billion won (about $1.2 million).
These officials have various cryptocurrency investments, including Bitcoin (BTC), Ether (ETH), XRP (XRP), Dogecoin (DOGE), Luna Classic (LUNC), and others.
The revelation of these crypto holdings follows a push for transparency initiated by the Prime Minister. During a press conference in 2023, Prime Minister Han Deok-soo emphasized the need for senior government officials to include cryptocurrency in their asset declarations, equating their importance to that of traditional assets such as precious metals. On May 25, 2023, legislation was passed requiring public officials to report their cryptocurrency in public disclosures. This new measure allows citizens to view the crypto assets of at least 5,800 public officials starting from 2024. By June 2024, cryptocurrency exchanges in the country were set to implement systems that facilitate easier registration of these asset disclosures. Related: Temporary Lifting of Upbit’s Client Ban for New Customers The legislation arose as a result of the controversy surrounding lawmaker Kim Nam-kuk, who faced allegations of liquidating cryptocurrency investments and hiding assets valued at approximately $4.5 million just before the government enforced the Financial Action Task Force’s “Travel Rule.” In light of the growing controversy, Kim stepped away from the Democratic Party to alleviate the strain on party members amid the lawsuit. Though prosecutors sought a six-month prison sentence for Kim, he was ultimately acquitted when a judge determined that cryptocurrency assets did not fall under the public disclosure requirements at the time of Kim’s transactions. Magazine: 3AC-related OX.FUN Denies Insolvency Rumors, Bybit Faces Challenges: Asia Express
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