In short: A new bill has been proposed in South Korea requiring lawmakers to report their cryptocurrency holdings, amid a scandal surrounding an opposition lawmaker's crypto dealings. The draft legislation, amending the Public Service Ethics Act, requires sitting lawmakers to report their digital holdings by the end of next month. The reporting requirements for crypto will be even stricter than for cash or stocks. This comes as a member of the National Assembly from the Democratic Party, Kim Nam-kuk, faces accusations of conflict of interest and other irregularities regarding his crypto investments.
Our quick analysis:
In the age of blockchain technology and decentralized ledgers, it only makes sense that lawmakers are held to the same standard as the everyday investor. And it seems South Korea is leading the way in bringing cryptocurrency holdings to light for its parliamentarians.
A proposed bill to amend the Public Service Ethics Act would require sitting lawmakers, public officials, and candidates to declare their digital assets, including cryptocurrencies. While the current law already mandates the disclosure of cash, stocks, and real estate holdings, crypto assets were previously omitted from the list. But with the new legislation, even a single coin must now be reported due to its volatile value.
This comes on the heels of a scandal involving a Democratic Party member who resigned after accusations of conflict of interest and irregularities with his crypto investments. Kim Nam-kuk owned a whopping 800,000 Wemix coins, valued at around $4.5 million at the time, while sponsoring a bill to delay crypto income taxation. It's no wonder he was subjected to an ethics committee review and a larger investigation into South Korea's top coin trading platforms.
It remains to be seen whether the proposed bill will ultimately pass, but it's clear that South Korea is taking its ethics game to the next level. Will other countries follow suit in this push toward transparency in the world of crypto trading? Only time will tell. But for now, it's a good reminder that even lawmakers are subject to the scrutiny of the blockchain.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
In the age of blockchain technology and decentralized ledgers, it only makes sense that lawmakers are held to the same standard as the everyday investor. And it seems South Korea is leading the way in bringing cryptocurrency holdings to light for its parliamentarians.
A proposed bill to amend the Public Service Ethics Act would require sitting lawmakers, public officials, and candidates to declare their digital assets, including cryptocurrencies. While the current law already mandates the disclosure of cash, stocks, and real estate holdings, crypto assets were previously omitted from the list. But with the new legislation, even a single coin must now be reported due to its volatile value.
This comes on the heels of a scandal involving a Democratic Party member who resigned after accusations of conflict of interest and irregularities with his crypto investments. Kim Nam-kuk owned a whopping 800,000 Wemix coins, valued at around $4.5 million at the time, while sponsoring a bill to delay crypto income taxation. It's no wonder he was subjected to an ethics committee review and a larger investigation into South Korea's top coin trading platforms.
It remains to be seen whether the proposed bill will ultimately pass, but it's clear that South Korea is taking its ethics game to the next level. Will other countries follow suit in this push toward transparency in the world of crypto trading? Only time will tell. But for now, it's a good reminder that even lawmakers are subject to the scrutiny of the blockchain.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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Please, behave!