From May 30, 2020 to May 30, 2023, South Korean lawmakers purchased KRW 62.5 billion (about $48 million) worth of cryptocurrency and sold KRW 63.1 billion (about $48.6 million) worth of cryptocurrency.
This year, South Korea is stepping up its efforts to regulate cryptocurrency. The focus has been on overseeing the cryptocurrency activities of some politicians after it was discovered that they were involved in questionable cryptocurrency trading.
Nearly 6% of Korean lawmakers own cryptocurrency.
Cryptocurrency is growing in popularity among Korean lawmakers.
A survey conducted by the Anti-Corruption and Civil Rights Commission found that in 2022, only eight members owned 24 cryptocurrency assets. However, by 2023, the number of members has increased to 17, holding 107 types of cryptocurrency assets. This number corresponds to almost 6% of all National Assembly members in South Korea.
This survey included 36 domestic virtual asset service providers. Jeong Seung-yoon, acting chairman of the Anti-Corruption and Civil Rights Commission, said this.
“This virtual asset investigation was conducted fairly and in accordance with laws and principles in cooperation with relevant agencies.”
Read more: Cryptocurrency regulation: what are the pros and cons?
The most traded cryptocurrency by members during the survey period was Bitcoin (BTC). From 2020 to 2023, lawmakers purchased a total of $48 million worth of cryptocurrency and sold $48.6 million worth of cryptocurrency.
There were also some differences in the data provided by 10 Korean National Assembly members.
BeInCrypto reported that in May 2023, South Korea’s National Assembly passed a bill requiring lawmakers to disclose their cryptocurrency holdings. This bill was discussed as opposition party lawmaker Kim Nam-guk faced suspicion of cryptocurrency trading.
Read more: 7 Best Pro Accounts for Cryptocurrency Trading
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