South Korean Lawmakers Conducted $97M in Crypto Transactions in 3 Years

South Korean lawmakers have conducted crypto transactions totaling over 125.6 billion won ($97.6 million) over the past three years, according to the data revealed by the country's Anti-Corruption and Civil Rights Commission today (Friday).

Inspection against Lawmakers

As reported by Yonhap News Agency, the figure came after an inspection of the virtual asset transaction records of all 298 sitting lawmakers between 30 May 2020 and 31 May 2023. The inspection found that 18 lawmakers held cryptocurrencies, and 11 of them traded in the period. The accumulated buying and selling amount to 62.5 billion won and 63.1 billion won, respectively.

Only one representative, Rep. Kim Nam-kuk, accounted for about 90 percent of the total transactional volume. The inspection was conducted after questions about Kim’s crypto holding arose. He was previously with the opposition Democratic Party but then left to be an independent.

The investigation found that Kim bought and sold cryptocurrencies worth 55.5 billion won and 56.3 billion won, respectively. Based on his trading, he has made a profit of about 800 million won. The most significant profit the other ten lawmakers made was 83 million won, while the most significant loss was 150 million won.

Crypto Disclosure Is Mandatory

According to the local laws in South Korea, high-level government officials need to disclose their virtual asset holdings. There were discrepancies in crypto holdings and transactions by the lawmakers and the figures reported by them.

One of the lawmakers conducted 49 crypto transactions on Bithumb but did not report any of them. The investigation further concluded that the transactions of some lawmakers need to be checked.

Apart from the lawmakers, South Korean companies must disclose their crypto holdings and transactions. The draft rules are part of a more extensive agenda by South Korea to regulate cryptocurrencies. Finance Magnates reported in May that the country's ruling party, the People Power Party, was preparing a bill requiring lawmakers to declare their crypto holdings.