South Korea’s Democratic Party, which holds 167 of the 300 seats in the National Assembly, has forced potential candidates to disclose their virtual asset holdings ahead of next year’s election.
According to local media News1, will Be part of the party’s efforts to demonstrate “high ethical standards” for its candidates. According to reports, Han Byung-dao, chairman of the Democratic Party’s strategic planning committee, said behind closed doors in a closed-door meeting with reporters:
“We decided to verify whether candidates have conflicts of interest in virtual assets from the screening stage of the verification committee.”
If there is a false report, the party will disqualify that person as a candidate. However, Han did not elaborate on any consequences of holding cryptocurrencies.
Information about potential candidates will be made available to the public on a separate online platform, which will contain details about their professional and educational background and plans for legislative activities.
South Korea’s next general election will be held in 2024, with all 300 seats in the National Assembly up for election.
related: South Korean regulator outlines steps to strengthen digital asset legislation
This year, Democratic Party member Kim Nam-kuk was criticized after she was found to hold at least $4.5 million in Wemix (WEMIX) tokens developed by South Korean blockchain game developer Wemade.
Kim’s involvement in the WEMIX investment raises serious concerns about potential conflicts of interest, exploitation of inside information and even money laundering. The case fuels the rapid development of a legal initiative requiring officials to report their cryptocurrency holdings in South Korea. However, South Korea’s parliamentary ethics subcommittee voted down a motion to expel Kim Jong Un from parliament. Still, the congressman was forced to leave the Democratic Party.
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