South Korean Politicians Bought $50M Worth of Crypto in 3 Years
During the time period between May 30, 2020, and May 30, 2023, the South Korean National Assembly members purchased crypto worth 62.5 billion won (approx $48 million) and sold crypto worth 63.1 billion won (approx $48.6 million)
This year, South Korea is ramping up its efforts for crypto regulation. After discovering some politicians are involved in suspicious crypto trading, the focus has been on overseeing their crypto activities.
Nearly 6% of South Korean National Assembly Members Own Crypto
There has been an increase in the popularity of cryptocurrency amongst South Korean National Assembly members.
An investigation conducted by the Anti-Corruption and Civil Rights Commission reveals that in 2022, only 8 members owned 24 different crypto assets. However, by 2023, the number had increased to 17 members, holding 107 types of crypto assets. This number makes up nearly 6% of all South Korean National Assembly members.
The investigation covered 36 domestic virtual assets service providers. Jeong Seung-yoon, the acting chairman of the Anti-Corruption and Civil Rights Commission, said:
“This virtual asset investigation was conducted fairly in accordance with the law and principles in collaboration with relevant agencies.’”
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
During the investigation period, the members’ most trading crypto was Bitcoin (BTC). From 2020 to 2023, the National Assembly members purchased $48 million worth of crypto in total, while they also sold $48.6 million worth of crypto.
There were also some discrepancies in the data provided by 10 members of the South Korean National Assembly.
BeInCrypto reported in May 2023 that the South Korean National Assembly passed a bill requiring lawmakers to disclose their crypto holdings. The bill was discussed as opposition politician Kim Nam-kuk faces allegations of suspicious crypto trading.
Read more: 7 Best Pro Accounts for Crypto Trading
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For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
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