South Korean lawmakers bought and sold $100 million worth of crypto assets in three years

  • South Korean authorities have conducted an extensive analysis of the crypto-asset transactions made by all members of parliament over the past three years.
  • During this period, lawmakers engaged in buying and selling digital assets totaling nearly $100 million.
  • Bitcoin emerged as the most popular cryptocurrency among the legislators.

The Anti-Corruption and Civil Rights Commission of South Korea has recently released a comprehensive report on the digital asset transactions of parliament members.

As per the available data, the commission investigated 298 current legislators to examine their involvement in the crypto industry. The audit spanned from 2020 to 2023.

During this period, parliament members were found to have conducted crypto asset transactions worth 125.6 billion Korean won (equivalent to over $97 million).

However, the analysis revealed that only 18 out of the 298 legislators had records connected to the crypto industry. A substantial portion of the trading volume was concentrated among just 11 parliament members.

Bitcoin emerged as the favored cryptocurrency for legislators. Nevertheless, records also indicated the trading of 107 other crypto assets.

News had previously surfaced that South Korean public servants would be required to disclose their digital asset holdings starting from 2024. This new legislation will impact approximately 5,800 government employees and is part of the Public Integrity and Transparency Initiative.

On June 30, 2023, South Korea’s leadership passed a bill aimed at safeguarding investors by regulating the cryptocurrency industry. The legislation consists of 19 distinct acts.

Let us recall that we previously reported on South Korea’s intention to introduce a bill to freeze the crypto assets of North Korean hackers.