▲ Lawmakers hold a vote on a bill requiring lawmakers and high-level government officials to declare cryptocurrency and other virtual assets at the National Assembly on May 25, 2023. (Yonhap)

cryptocurrency law-passage

Parliament passes bill including virtual assets in assets disclosure

SEOUL, May 25 (Yonhap) -- The National Assembly on Thursday unanimously passed a bill requiring lawmakers and high-level government officials to declare cryptocurrency and other virtual assets, amid criticism and suspicions over revelations that a lawmaker had held massive coin holdings.

Under the revision to the Public Service Ethics Act, top government officials and lawmakers should report all of their virtual assets in an annual asset disclosure. So far, conventional assets such as bonds, cash, gold and jewelry have to be declared but not digital assets.

The revision came after revelations that Rep. Kim Nam-kuk, now an independent, had owned around 800,000 Wemix coins in 2021, worth around 6 billion won (US$4.5 million) at that time, a massive amount that does not fit his frugal image.

Suspicions have since arisen over where the money came from and whether he used insider information. Kim also came under fire after revelations that he traded cryptocurrency coins while attending at least two meetings of the judiciary committee of the National Assembly in May and November of last year.

The legislation also includes a clause to prevent conflicts of interest on the part of lawmakers. Legislators who hold positions where they can access insider information or are able to exercise influence regarding laws on virtual assets will be restricted from owning such assets.

The revision will come into effect in December.

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