- The South Korean Democratic Party has implemented a new policy to enhance crypto transparency.
- The committee stated that non-complying candidates will face stringent actions.
- The cryptocurrency market in South Korea is witnessing a significant surge.
The cryptocurrency industry in South Korea has experienced a notable boom in 2023, marked by a soaring market capitalization and updated policies. As more investors flock to the burgeoning market, regulatory bodies and authorities are unveiling guidelines to foster industry compliance and transparency.
Amid these guidelines, the South Korean Democratic Party has introduced a new policy that scrutinizes political candidates’ cryptocurrency investments as an integral facet of their screening processes.
New Policy Mandates Candidates to Disclose Crypto Asset
According to a local report on November 14, the preliminary candidates for the forthcoming 2024 general election will be mandated to declare the total value of their cryptocurrency assets and the details of their acquisition processes.
Democratic Party chair Han Byeong-Do asserts the importance of the decision, stating that it will contribute to the process of nominating only eligible and trustworthy candidates “that meet the public’s expectations.”
“First, a plan was prepared to verify the candidate's morality, including whether he or she holds virtual assets. The consensus was that the verification of candidates should be strictly strengthened based on morality, and we have decided to verify whether a candidate has a conflict of interest in virtual assets from the verification committee screening stage.”
While holding cryptocurrencies itself does not constitute a crime for the candidates, the party aims to scrutinize the method of acquiring the assets.
"However, (holding virtual assets) itself cannot be questioned. Owning it itself is not the problem, We are trying to investigate." He added, "If you look into the process of forming the property, you can identify problems, so the verification committee will look at the contents and strictly review them."
Han emphasized that inaccurate declarations will attract legal repercussions, ultimately resulting in candidate disqualification from the election.
To discover more about the latest market for the South Korean cryptocurrency industry, read here:
South Korean Taxpayers Declare $99B in Overseas Crypto Assets
The Hong Kong crypto industry is experiencing an exchange exodus as Bitget bids goodbye. Find out more:
Bitget Ends Bid For Hong Kong Crypto License, Exits License