South Korean politicians won’t be required to disclose their crypto holdings or crypto-related earnings as no fewer than three cryptocurrency-related bills failed to pass the National Assembly.
Proposal Submitted in November 2020
According to the Electronic Times, the bills aimed to require lawmakers and senior public servants to report all their cryptocurrency holdings and their trading profits, which raised controversy amongst the political sphere.
The proposal was submitted in November 2020 by Min Hyung-bae, a lawmaker of the ruling Democratic Party of Korea and a parliamentary finance committee member, whose rule stated that politicians with $9,200 (10 million won) or more worth of cryptocurrency holdings should submit declarations before the Ethics Committee.
Min wanted the bills to prevent conflicts of interest within the public officials who “could use their political positions to pursue private interests.”
The current act, known as Public Officials Ethics Act, requires South Korean lawmakers and candidates to a political position to declare their lands, housing