In a startling revelation, South Korea’s Anti-Corruption and Civil Rights Commission has brought to light the crypto trading activities of the country’s lawmakers. Between May 2020 and May 2023, members of the South Korean National Assembly bought and sold nearly $100 million worth of cryptocurrencies, revealing the growing involvement of political figures in this booming 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 serving lawmakers during this period. Surprisingly, 18 of these assembly members were identified as active participants in the crypto market, with a total estimated volume of 125.6 billion South Korean won, or roughly $97.6 million. This finding highlights the increasing interest of political elites in digital currencies, a phenomenon mirrored worldwide.
Bitcoin at the top, but a diversity of cryptos in the lawmakers’ wallets
Bitcoin stands out as the most popular cryptocurrency among these legislators. However, the report also notes the presence of 107 other digital assets in their portfolios. This diversification reflects the growing recognition of cryptocurrencies as legitimate financial assets and the politicians’ desire to diversify their investments.
Following the recent controversy involving a local Democratic Party member failing to declare over $4.5 million in Wemix tokens, the South Korean government responded by unanimously passing a bill requiring public officials to publicly disclose their cryptocurrency holdings. Starting in 2024, nearly 6,000 South Korean civil servants will have to comply with this new regulation, marking a major milestone in the transparency and regulation of the crypto market.
