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Home»TRADING NEWS»South Korean politicians bought $50 million worth of cryptocurrency in three years
TRADING NEWS

South Korean politicians bought $50 million worth of cryptocurrency in three years

By Crypto FlexsDecember 30, 20232 Mins Read
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South Korean politicians bought  million worth of cryptocurrency in three years
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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

Do you have anything to say about the cryptocurrency trading of Korean lawmakers or anything else? Write to us or join the discussion in our Telegram channel. TikTok, Facebook or X (Twitter).

Latest information from BeInCrypto Bitcoin (BTC) analysis, Click here.

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In compliance with Trust Project guidelines, BeInCrypto is committed to unbiased and transparent reporting. These news articles aim to provide accurate and timely information. However, before making any decisions based on this content, readers are encouraged to check the facts and consult with experts. Our Terms of Use, Privacy Policy and Disclaimer have been updated.

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