South Korean lawmakers bought and sold $100 million worth of crypto assets in three years

  • South Korean authorities have studied crypto-asset transactions of all members of parliament over the past three years.
  • During that time, lawmakers bought and sold nearly $100 million in digital assets.
  • Among cryptocurrencies, Bitcoin was the most popular.

The Anti-Corruption and Civil Rights Commission of South Korea has published a report on transactions with digital assets of members of the country’s parliament.

According to available information, the department checked 298 current legislators for transactions in the crypto segment. The audit covered the period from 2020 to 2023.

During this time, members of parliament purchased and sold crypto assets worth 125.6 billion Korean won (over $97 million).

However, the analysis showed that only 18 legislators out of 298 have records related to the mentioned industry. Most of the trade volume comes from the 11 members of parliament.

Bitcoin was the most popular among legislators. However, the records also show 107 other crypto assets that were traded.

Earlier it became known that civil servants in South Korea will be required to publish information about the digital assets they own from 2024. The law affects 5,800 government employees. The innovation is part of the Public Integrity and Transparency Initiative.

On June 30, 2023, the South Korean leadership adopted a bill on digital assets to protect investors. The document consists of 19 separate acts and regulates the activities of the cryptocurrency industry in the country.

Let us recall that we wrote that South Korea will introduce a bill to freeze the cryptoassets of North Korean hackers.

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