According to the new law, South Korean politicians must report their Bitcoin stocks
According to the new law, South Korean politicians must report their Bitcoin stocks
The South Korean National Assembly has officially passed a bill, the legislator and high-ranking government officials obliged to disclose their crypto-asset stocks.
The new law is a reaction to a recent scandal, in which a politician supposedly violated laws on campaign financing with cryptocurrency.
The "Kim Nam-Guk prevention law"
according to A report According to the local news agency news1, the corresponding changes to the National Assembly Act and the public service ethics act on May 22nd with all present with 269 or 268 votes unanimously accepted.
By changing the National Assembly Act, cryptocurrency is placed on the list of property rights and "private interests" registered by the legislator. In the meantime, the Committee on Public Administration and Security on the same day passed the change in the Ethics Act for officials, who obliges both high -ranking civil servants and members of the National Assembly to register their stocks.
The draft law was originally supposed to be implemented in December, but was implemented in the quick procedure after the newly elected chairman of the conservative people Power party, the deputy yun Jae-ok, said the previous appointment was "too late".
"In view of the currently high public interest, in particular the legislature, it is not appropriate to put the law into force six months later after the announcement," said the party leader last week and suggested an accelerated version of the bill last week.
The "public interest" refers to a sensational scandal led by Kim Nam-Guk, which is said to have paid $ 4.5 million in cryptocurrency on the Wemix exchange at the beginning of last year. The same legislator supported a law in 2022 with which a law to introduce a capital gains from 20 % to cryptocurrencies from 2023 to 2025, although he denied that there have been conflicts of interest.
Nevertheless, the revelations were investigated against the former MP of the Democratic Party due to alleged violations of the campaign financing, tax portals and criminal possessions of cryptocurrencies.
Which politicians do crypto in America?
Legislators in the United States are already obliged to disclose their crypto and bitcoin stocks, of which only a small number of digital assets have. Senator Cynthia Lummis Unveil In 2021 that she has 5 BTC-three of which bought it for only $ 300.
Senator Ted Cruz has also admitted to possessing a little more than 2 BTC, and respects the asset as long-term inflation protection and decentralized governance. Last month he called that he has a permanent order to buy more Bitcoin every Monday morning.
"I like Bitcoin for the same reason that the communist government of China's Bitcoin does not like," he said. "You don't like Bitcoin and forbidden it because you can't control it."
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