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South Korea’s National Assembly has officially passed a bill into law requiring lawmakers and high-ranking government officials to disclose their crypto asset holdings.
The new law is a response to a recent scandal in which a politician allegedly violated campaign finance laws by using cryptocurrency.
“Kim Nam-guk Prevention Law”
according to a reports Relevant amendments to the National Assembly Act and the Public Service Ethics Act passed unanimously on 22 May, with 269 votes and 268 votes in favor for each, respectively, among all MPs present, local news agency News1 reported.
The amendment to the National Assembly Act puts cryptocurrency on the list of registered assets and “personal interests” of lawmakers. Meanwhile, amendments to the Public Officials Ethics Act passed the Committee on Public Administration and Security on the same day, requiring high-ranking officials and members of the National Assembly to record their holdings.
The bill was originally set to go into effect in December but was fast tracked Later this month the newly elected leader of the conservative People Power Party, Rep. Yoon Jae-ok said that the previous date was “too late.”
“Given the current high level of public interest, particularly with regard to MPs, it is not appropriate to introduce legislation after six months,” the party leader proposed a fast-track version of the bill last week.
The “public interest” refers to a high-profile scandal surrounding Kim Nam-guk – who was accused of cashing out $4.5 million in cryptocurrency on the Wemix exchange early last year. The same legislator supported legislation in 2022 to defer the imposition of a 20% capital gains tax on cryptocurrencies from 2023 to 2025, though he denied any conflict of interest.
Nevertheless, the revelations invited an investigation into the former Democratic Party lawmaker for suspected campaign finance violations, tax portals and criminal possession of crypto.
Which politicians in America hold crypto?
Lawmakers in the United States are already required to disclose their crypto and bitcoin holdings, of which only a small number have any digital assets. Senator Cynthia Lummis revealed In 2021 she owns 5 BTC – three of which she bought for just $300.
Senator Ted Cruz has also admitted to owning a little over 2 BTC, hailing the asset as a long-term inflation hedge and decentralized governance. last month, he Said That he has a standing order to buy more bitcoin every Monday morning.
“I like bitcoin for the same reason the Chinese Communist government doesn’t like bitcoin,” he said. “They don’t like bitcoin, and they ban it because they can’t control it.”
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[ad_1]
South Korea’s National Assembly has officially passed a bill into law requiring lawmakers and high-ranking government officials to disclose their crypto asset holdings.
The new law is a response to a recent scandal in which a politician allegedly violated campaign finance laws by using cryptocurrency.
“Kim Nam-guk Prevention Law”
according to a reports Relevant amendments to the National Assembly Act and the Public Service Ethics Act passed unanimously on 22 May, with 269 votes and 268 votes in favor for each, respectively, among all MPs present, local news agency News1 reported.
The amendment to the National Assembly Act puts cryptocurrency on the list of registered assets and “personal interests” of lawmakers. Meanwhile, amendments to the Public Officials Ethics Act passed the Committee on Public Administration and Security on the same day, requiring high-ranking officials and members of the National Assembly to record their holdings.
The bill was originally set to go into effect in December but was fast tracked Later this month the newly elected leader of the conservative People Power Party, Rep. Yoon Jae-ok said that the previous date was “too late.”
“Given the current high level of public interest, particularly with regard to MPs, it is not appropriate to introduce legislation after six months,” the party leader proposed a fast-track version of the bill last week.
The “public interest” refers to a high-profile scandal surrounding Kim Nam-guk – who was accused of cashing out $4.5 million in cryptocurrency on the Wemix exchange early last year. The same legislator supported legislation in 2022 to defer the imposition of a 20% capital gains tax on cryptocurrencies from 2023 to 2025, though he denied any conflict of interest.
Nevertheless, the revelations invited an investigation into the former Democratic Party lawmaker for suspected campaign finance violations, tax portals and criminal possession of crypto.
Which politicians in America hold crypto?
Lawmakers in the United States are already required to disclose their crypto and bitcoin holdings, of which only a small number have any digital assets. Senator Cynthia Lummis revealed In 2021 she owns 5 BTC – three of which she bought for just $300.
Senator Ted Cruz has also admitted to owning a little over 2 BTC, hailing the asset as a long-term inflation hedge and decentralized governance. last month, he Said That he has a standing order to buy more bitcoin every Monday morning.
“I like bitcoin for the same reason the Chinese Communist government doesn’t like bitcoin,” he said. “They don’t like bitcoin, and they ban it because they can’t control it.”
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.
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