In a startling revelation, South Korea's Anti-Corruption and Civil Rights Commission has shed light on the crypto trading activities of the country's lawmakers. Between May 2020 and May 2023, members of South Korea's National Assembly bought and sold almost $100 million worth of cryptocurrencies, revealing the growing involvement of political figures in this burgeoning sector.
The Impressive Growth of the Crypto Market Among South Korean Politicians
The Commission's report details the crypto transactions carried out by the 298 MPs in office during this period. Surprisingly, 18 of these MPs were identified as active players in the crypto market, with an estimated total volume of 125.6 billion South Korean won, or around $97.6 million. This discovery underlines the growing interest of political elites in digital currencies, a phenomenon that is mirrored around the world.
Bitcoin at the Summit, but a Diversity of Cryptos in Members' Portfolios
Bitcoin stands out as the most popular cryptocurrency among these lawmakers. However, the report also mentions the presence of 107 other digital assets in their portfolios. This diversification reflects the growing recognition of crypto-currencies as legitimate financial assets and the willingness of politicians to diversify their investments.
With the recent controversy involving a member of the local Democratic Party for failing to declare over $4.5 million in Wemix tokens, the South Korean government has responded by unanimously voting to require public officials to publicly declare their cryptocurrency assets. From 2024, some 6,000 South Korean officials will have to comply with this new regulation, marking an important step in the transparency and regulation of the crypto market.
