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South Korea’s Ruling Party Urges Swift Action on Crypto Disclosure Bill for Lawmakers: Report

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A bill mandating lawmakers and officials to disclose their cryptocurrency holdings was scheduled to be implemented in December, in response to allegations involving the opposition party’s Kim Nam-kuk.

The parliamentary floor leader of South Korea’s ruling People Power Party is pushing for an accelerated timeline to implement a new bill. The bill would require lawmakers and high-level government officials to disclose their assets related to cryptocurrencies. According to a report by Yonhap news agency on Tuesday, the aim is to have the bill take effect within two months, which is earlier than the original plan.

The initial bill, which is currently being finalized following allegations against a politician from the opposition party, was initially set to be implemented in December. However, Yun Jae-ok, in comments to reporters, stated that the bill should be modified to advance the enforcement date to within the next one or two months.

Also Read This Related: South Korean lawmaker quits party amid crypto investment controversy.

Yun expressed that due to the significant public interest, particularly regarding lawmakers, it would not be suitable to enforce the law six months after its announcement. As per the report, Yun stated that he has requested the leader of the Public Administration Committee to present a revised version of the law, and a vote on the proposed changes is scheduled for Friday.

In recent weeks, a lawmaker named Rep. Kim Nam-kuk, who was previously affiliated with the opposition Democratic Party of Korea, faced a report to local prosecutors by South Korea’s financial watchdog. The report was regarding several cryptocurrency transactions that were considered suspicious. Kim, who had previously worked on a provision to delay taxation on virtual digital assets, stated that he did not convert his tokens into cash and did not break any laws.

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Yun further claimed that Kim converted coins into cash totaling 250 million won ($189,942) in February and March of the previous year. This amount is significantly higher than the 4.4 million won ($3,342) that Kim had previously mentioned as the cashed amount during that period, as reported.

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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