{"id":10162,"date":"2023-05-17T21:13:42","date_gmt":"2023-05-18T01:13:42","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/south-korean-lawmakers-must-declare-crypto-holdings-coin-gate-fallout-continues\/"},"modified":"2023-05-17T21:13:43","modified_gmt":"2023-05-18T01:13:43","slug":"south-korean-lawmakers-must-declare-crypto-holdings-coin-gate-fallout-continues","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10162","title":{"rendered":"South Korean Lawmakers \u2018Must Declare\u2019 Crypto Holdings \u2013 \u2018Coin Gate\u2019 Fallout Continues"},"content":{"rendered":"
\n

South Korean lawmakers will likely be \u201cobliged\u201d to declare their crypto holdings following a national outcry over alleged \u201cinsider trading.\u201d<\/p>\n

The National Assembly\u2019s Political Affairs Committee has co-created a resolution that would create a \u201cvoluntary\u201d system whereby they are requested to report their cryptoasset holdings.<\/p>\n

But any such system is likely to become a de facto mandatory protocol, South Korean media outlets have claimed.<\/p>\n

The development comes hot on the heels of a scandal that has enveloped the nation\u2019s political world involving the MP Kim Nam-kuk.<\/p>\n

The scandal has been dubbed \u201cCoin Gate\u201d by the media.<\/p>\n

Kim, formerly a rising star in the main opposition Democratic Party, has stepped down from the party.<\/p>\n

He denies wrongdoing, but has been accused of carrying out suspicious crypto trades worth some $4.5 million.<\/p>\n

Multiple reports have accused Kim of withdrawing his crypto holdings from domestic exchanges prior to the implementation of the Travel Rule in March 2022.<\/p>\n

If true, this may constitute insider trading, implying that he acted on the knowledge of a forthcoming legal change.<\/p>\n

The nation\u2019s two largest crypto exchanges, Upbit and Bithumb, were raided by prosecutors investigating the charges this week.<\/p>\n

And the outcry appears to have spurred lawmakers into action.<\/p>\n

The media outlets EDaily, Money S, and Newsis reported that senior figures from all major political parties attended the committee\u2019s behind-closed-doors session on the matter on May 16.<\/p>\n

Coin Gate: Will South Korean Lawmakers Have to Declare Their Crypto?<\/h2>\n

Subcommittees have already received the committee\u2019s proposal, and began the reviewing process yesterday \u2013\u00a0but the matter is unlikely to stop there.<\/p>\n

Some lawmakers want every one of the 300 members of the National Assembly to be investigated.<\/p>\n

Many believe that Kim may not be the only MP involved in \u201cCoin Gate.\u201d<\/p>\n

People\u2019s Power MP Yoon Han-hong, a member of the Political Affairs Committee, called for a probe into \u201call 300\u201d sitting MPs.<\/p>\n

Current South Korean law stipulates that lawmakers must declare real estate, cash, or stock holdings worth over $7,500.<\/p>\n

But no such legal requirements exist for crypto holdings.<\/p>\n

MPs have suggested including the new resolution as a clause in a forthcoming crypto holders\u2019 \u201cprotection\u201d act.<\/p>\n

The draft act is already in advanced committee stages ahead of an Assembly vote.<\/p>\n

Crypto declarations for MPs have already been adopted in nations such as Ukraine.<\/p>\n

In Ukraine, lawmakers have previously been obliged to make yearly crypto-holding disclosures.<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

South Korean lawmakers will likely be \u201cobliged\u201d to declare their crypto holdings following a national outcry over alleged \u201cinsider trading.\u201d The National Assembly\u2019s Political Affairs Committee has co-created a resolution that would create a \u201cvoluntary\u201d system whereby they are requested to report their cryptoasset holdings. But any such system is likely to become a de […]<\/p>\n","protected":false},"author":1,"featured_media":10163,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-10162","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nSouth Korean Lawmakers \u2018Must Declare\u2019 Crypto Holdings \u2013 \u2018Coin Gate\u2019 Fallout Continues | iFintechWorld<\/title>\n<meta name=\"description\" content=\"South Korean lawmakers will likely be \u201cobliged\u201d to declare their crypto holdings following a national outcry over alleged \u201cinsider trading.\u201dThe National\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=10162\" \/>\n<meta property=\"og:locale\" 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