Democratic Party mandates disclosure of cryptocurrency holdings by parliamentary candidates
The Democratic Party of Korea has implemented a new policy that requires candidates to disclose their cryptocurrency holdings prior to the 2024 general elections. With a majority in the National Assembly, the party aims to promote transparency and address potential conflicts of interest. According to News1, this measure is seen as a way for the party to demonstrate its commitment to high moral standards.
Han Byung-do, the leader of the party’s strategy team, stated that the objective is to assess whether candidates may have conflicts of interest related to their digital assets. If a representative is found to have lied about their cryptocurrency ownership, they will be disqualified from running for office as a member of the party. Byung-do did not specify the specific consequences for disclosing crypto ownership.
Candidate information, including their professional background, educational qualifications, and legislative plans, will be made available on a public website for widespread access.
This policy was introduced following an incident involving Kim Nam-kuk, a member of the Democratic Party, who possessed approximately $4.5 million worth of Wemix tokens, a cryptocurrency created by a South Korean company. Concerns were raised by government officials regarding the potential misuse of these assets for personal gain or illegal activities such as money laundering. While Nam-kuk was not expelled from the National Assembly, he did leave the Democratic Party.
Through the requirement of crypto disclosure, the Democratic Party aims to foster greater transparency and prevent conflicts of interest from arising.
