Democratic Party of South Korea mandates parliamentary candidates disclose crypto holdings

The disclosure will be a part of the party’s effort to show the “high moral standards” of its candidates.

The Democratic Party of Korea, which holds 167 out of 300 seats in the National Assembly, has made it mandatory for prospective candidates to disclose their digital asset holdings before the 2024 general election.

According to the local outlet, News1, the disclosure will be a part of the party’s effort to show the “high moral standards” of its candidates. The chairman of the Democratic Party’s strategic planning committee, Han Byung-do, reportedly stated in a closed-door meeting with journalists:

“We have decided to verify whether candidates have conflicts of interest in virtual assets from the screening stage of the verification committee.”

In the case of false reports, the party will cancel that person’s candidature. However, Byung-do didn’t elaborate on any consequences for holding crypto. 

The information on prospective candidates will be made available to the public on a separate online platform featuring details of their careers, educational background and legislative activity plans.

The next general elections in South Korea will be held in 2024, with all 300 seats in the National Assembly open for reelection.

Related: South Korean regulator outlines steps to enhance digital asset legislation

In May, a member of the Democratic Party, Kim Nam-kuk, came under fire when he was found to have once held at least $4.5 million in Wemix (WEMIX) tokens developed by the South Korean blockchain game developer Wemade.

Kim’s ownership of Wemix spurred significant concerns over potential conflicts of interest, using insider information and even money laundering. The case contributed to the rapid development of a legal initiative to require officials to report on their holdings of cryptocurrencies in South Korea. However, a parliamentary ethics subcommittee of South Korea has voted down a motion to expel Kim from the National Assembly. However, the lawmaker left the Democratic Party.

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