South Korean lawmakers mandated to declare virtual assets

South Korean lawmakers and high-level officials will have to start declaring their cryptocurrency and virtual assets later this year, local media reported on Thursday.

The country’s parliament unanimously passed bills on the measure, which is set to take effect in December, addressing concerns over a lawmaker's significant coin holdings, according to Yonhap news agency.

The revision followed revelations that independent legislator Kim Nam-kuk held a substantial amount of Wemixcoins in 2021.

The legislation additionally contains a provision aimed at preventing conflicts of interest among lawmakers. Those holding positions that grant them access to privileged information or the ability to influence virtual asset-related laws will be prohibited from owning such assets.

Lawmakers also approved a revision paving the way for the comprehensive investigation of all legislators’ virtual asset holdings.

As per the revision, legislators are now required to disclose their cryptocurrency assets as part of their mandatory asset declaration.

The panel will investigate the potential presence of conflicts of interest arising from lawmakers' asset holdings in relation to their legislative responsibilities.???????