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South Korea’s ruling party has called for the speedy enforcement of a law that requires the country’s lawmakers and high-level government officials to declare their cryptocurrency-related assets.
The proposed bill would require local officials and lawmakers to declare all individual crypto holdings in excess of 1 million Korean Won (worth about $760). The move was prompted by a major crypto scam involving a former MLA from the opposing party.
call for expediting the bill
A report from Yonhap news agency suggestion of That the floor leader of the People Power party introduced a bill last Friday that proposes all government officials and candidates to disclose their crypto holdings.
The original bill was earlier set to be implemented in December this year. However, third-term lawmaker Rep. Yun Jae-ok, who was elected last month as the new floor leader of the conservative PPP, deemed the set date “too late” and said the bill needed to be revised to further enforcement. Add a segment by increasing.
The legislator said,
“Given the current high level of public interest, particularly with respect to lawmakers, it is not appropriate to implement the law six months after it has come into force.”
Yun further revealed that he asked the leader of the Public Administration Committee to propose a revised version of the law. The bill is reportedly to be put up for vote on May 26.
The latest development emerges on the heels of an ongoing scandal surrounding former Democratic Party lawmaker Kim Nam-kook, who has been at the center of a controversy over his cryptocurrency investments. He is currently under investigation by local prosecutors for alleged campaign finance violations and concealment of criminal proceeds of his crypto assets and transactions with tax portals.
Kim announced his departure from the party last week and maintained his innocence. Responding to the allegations, the now-independent legislator insisted that he was not required to disclose activities surrounding his crypto assets and refused to liquidate his holdings.
As part of the probe against the politician, the authorities raided the offices of major crypto exchanges – Upbit and Bithumb.
South Korea’s regulatory approach
South Korean lawmakers have increased regulatory scrutiny of the crypto-asset industry following the collapse of the Terra ecosystem token last May.
Thus, legislators passed the first phase review of the proposed regulations, which provides the Financial Services Commission authority to investigate and monitor financial activity related to the asset class, with conditions governing the sale, storage and trading. Consumer protection and compliance reporting were some of the aspects that were particularly emphasized.
If passed, the bill would require digital asset service providers to segregate internal holdings from consumer assets, insure and maintain reserves in the event of non-market related losses.
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PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
[ad_1]
South Korea’s ruling party has called for the speedy enforcement of a law that requires the country’s lawmakers and high-level government officials to declare their cryptocurrency-related assets.
The proposed bill would require local officials and lawmakers to declare all individual crypto holdings in excess of 1 million Korean Won (worth about $760). The move was prompted by a major crypto scam involving a former MLA from the opposing party.
call for expediting the bill
A report from Yonhap news agency suggestion of That the floor leader of the People Power party introduced a bill last Friday that proposes all government officials and candidates to disclose their crypto holdings.
The original bill was earlier set to be implemented in December this year. However, third-term lawmaker Rep. Yun Jae-ok, who was elected last month as the new floor leader of the conservative PPP, deemed the set date “too late” and said the bill needed to be revised to further enforcement. Add a segment by increasing.
The legislator said,
“Given the current high level of public interest, particularly with respect to lawmakers, it is not appropriate to implement the law six months after it has come into force.”
Yun further revealed that he asked the leader of the Public Administration Committee to propose a revised version of the law. The bill is reportedly to be put up for vote on May 26.
The latest development emerges on the heels of an ongoing scandal surrounding former Democratic Party lawmaker Kim Nam-kook, who has been at the center of a controversy over his cryptocurrency investments. He is currently under investigation by local prosecutors for alleged campaign finance violations and concealment of criminal proceeds of his crypto assets and transactions with tax portals.
Kim announced his departure from the party last week and maintained his innocence. Responding to the allegations, the now-independent legislator insisted that he was not required to disclose activities surrounding his crypto assets and refused to liquidate his holdings.
As part of the probe against the politician, the authorities raided the offices of major crypto exchanges – Upbit and Bithumb.
South Korea’s regulatory approach
South Korean lawmakers have increased regulatory scrutiny of the crypto-asset industry following the collapse of the Terra ecosystem token last May.
Thus, legislators passed the first phase review of the proposed regulations, which provides the Financial Services Commission authority to investigate and monitor financial activity related to the asset class, with conditions governing the sale, storage and trading. Consumer protection and compliance reporting were some of the aspects that were particularly emphasized.
If passed, the bill would require digital asset service providers to segregate internal holdings from consumer assets, insure and maintain reserves in the event of non-market related losses.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
