- South Korean corruption watchdog has shared a report on lawmakers.
- The lawmakers conducted crypto transactions totaling millions of dollars.
- Some irregularities were noted when inspecting the transaction records.
South Korea’s Anti-Corruption and Civil Rights Commission has revealed that the country’s lawmakers traded virtual assets totaling millions of dollars, with “irregularities detected in some instances.”
The revelation comes after the South Korean Democratic Party implemented a new policy in November, mandating preliminary candidates for the forthcoming 2024 general election to declare their crypto assets and the details of their acquisition.
$97M Crypto Transactions by South Korean Lawmakers
According to a December 29 report by a local media outlet, the anti-corruption commission stated on Friday that South Korean lawmakers traded virtual assets totaling over 125.6 billion won ($97.6 million) over the last three years.
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Per the report, the commission inspected the crypto transaction records of all 298 sitting lawmakers between May 30, 2020, and May 31, 2023. It concluded that only 18 had virtual assets in their possession during the period.
Of the 18 lawmakers, 11 traded crypto within the period. While it wasn’t clear whether they profited from the trades, the agency revealed all of them had accumulated 62.5 billion won in buying, and 63.1 billion won in selling over the three years.
The commission further raised irregularity concerns noted during the 90-day inspection.
Concerns Over Irregularities
Besides questions about a young lawmaker’s “once-massive” crypto assets, the commission came across discrepancies in the holdings and transaction records of about 10 lawmakers compared to what they had declared voluntarily.
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Notably, an unidentified lawmaker conducted 49 crypto transactions and failed to report them to the National Assembly, stating that his exchange, Bithumb, was shut down.
Following the revelation, the commission has advised the National Assembly to enact a standing order mandating lawmakers to report their crypto holdings before the commencement of the next parliament after the general elections.
Read about the crypto user protection regulations proposed recently in South Korea:
South Korean Regulator Proposes Crypto User Protection Rules
Read how South Korea responded to rising crypto crimes with a multi-agency team:
South Korea Unveils Multi-Agency Team to Tackle Crypto Crimes
