South Korea's PPP tries to accelerate the draft law that prescribes the disclosure of the legislator's cryptocurrency stocks
South Korea's PPP tries to accelerate the draft law that prescribes the disclosure of the legislator's cryptocurrency stocks
South Korea's ruling party has requested an early enforcement of the law, which the state and high -ranking government officials in the country require, disclose their assets in connection with cryptocurrencies.
The law provides that local civil servants and legislators have to declare all personal crypto stocks of over 1 million Korean won (worth around $ 760). The step was triggered by a large crypto scandal in which a former member of the counterparty was involved.
views of the accelerated legislative template
According to a report by the Yonhap news agency, the parliamentary group leader of the People Power Party last Friday submitted a draft law that proposed to all officials and candidates.
The original draft law was originally supposed to be implemented in December of this year. However, MP Yun Jae-Ok, a legislator in the third term, who was elected as the new group leader of the Conservative PPP last month, kept the specified date for "too late" and added that the draft draft had to be changed to improve the enforcement.
The legislator said:
"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."
yun also announced that he had asked the chairman of the Committee on Public Administration to propose a changed version of the law. According to reports, the draft law is to be provided on May 26th.
The latest development is followed by the ongoing scandal around the former MP of the Democratic Party Kim Nam-Kuk, who was the focus of the controversy about his cryptocurrency investments. Local prosecutors are currently investigating him for alleged violations of campaign financing and against tax portals as well as the covering up of criminal income from his crypto own and transactions.
Kim announced his exit from the party last week and continued to assert his innocence. In response to the allegations, the now independent legislature claimed that he was not obliged to disclose activities in connection with his crypto assets and rejected the liquidation of his stocks.
As part of the investigation against the politician, the authorities searched the offices of the well-known crypto exchanges upbit and Bithumb.
South Korea's regulatory point of view
After the collapse of the Terra ecosystem tokens last May, South Korean legislators increased the official control of the crypto-asset industry.
Therefore, the legislators passed a first phase of reviewing the proposed regulations, which gives the Financial Services Commission the authority to examine and monitor financial activities in connection with the investment class, whereby provisions are sufficient for the regulation of sales, storage and trade. Consumer protection and compliance reporting were particularly emphasized.
In the event of adoption, the draft law would require providers of digital assets to distinguish internal stocks of consumer assets, to take out insurance and to have reserves in the event of no market -related losses.
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