South Korean Lawmakers Crypto Usage Hits $100 Million

Crypto News – According to the report released on December 29 by the Anti-Corruption and Civil Rights Commission of South Korea, members of the National Assembly of the country had either bought or sold about $100 million worth of cryptocurrencies over a span of three years.

South Korean Lawmakers Crypto Usage Hits $100 Million

The report was conducted over the course of three months to examine all 298 sitting parliamentarians’ digital asset transaction data from May 30, 2020, to May 31, 2023.

According to the investigation, only 11 MPs account for the whole volume transacted over the last three years, despite the fact that 18 out of 298 Korean lawmakers have records of possessing digital assets. A precise estimate of the amount of cryptocurrency traded in MPs’ accounts is 125.6 billion Korean won ($97.6 million), according to the report.

Starting in the New Year, South Korean Authorities Will Have to Disclose Crypto Assets

Among Korean politicians, Bitcoin was the most well-liked cryptocurrency. The report does note that parliamentarians’ portfolios contain an additional 107 cryptocurrency holdings.

Nearly 6,000 South Korean officials will have to use the Public Official Ethics System to reveal their cryptocurrency holdings to the public starting in 2024. Additionally, to make the process of registering information regarding cryptocurrency holdings easier, five significant South Korean cryptocurrency exchanges, Upbit, Bithumb, Coinone, Korbit, and Gopax, will each introduce a distinct “information provision system.”