{"id":11170,"date":"2023-05-19T21:26:26","date_gmt":"2023-05-20T01:26:26","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/south-korean-justice-ministry-hits-out-at-claims-it-refused-to-say-if-minister-owns-crypto\/"},"modified":"2023-05-19T21:26:27","modified_gmt":"2023-05-20T01:26:27","slug":"south-korean-justice-ministry-hits-out-at-claims-it-refused-to-say-if-minister-owns-crypto","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=11170","title":{"rendered":"South Korean Justice Ministry Hits Out at Claims it \u2018Refused to Say\u2019 if Minister Owns Crypto"},"content":{"rendered":"
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South Korea\u2019s Justice Ministry has hit out at claims that Minister Han Dong-hoon \u201crefused to disclose information\u201d about whether or not he owns crypto.<\/p>\n

Per the media outlet Newsis, the ministry claimed that \u201cthe cryptoasset holding status of public officials who work with cryptoasset [regulation]\u201d is \u201cchecked regularly.\u201d<\/p>\n

The ministry claimed that it conducted bi-annual checks on all \u201cpublic officials belonging to the Ministry of Justice,\u201d including \u201cthe Minister and Vice Ministers.\u201d<\/p>\n

It added that it had begun to check officials in this manner in 2021.<\/p>\n

And it said that its most recent check was conducted in January this year.<\/p>\n

The latest check, the ministry claimed revealed that \u201cthere were no virtual assets held by public officials [who work with crypto regulation].\u201d<\/p>\n

The matter of lawmakers owning crypto has become a political hot potato in South Korea this month.<\/p>\n

Outcry has followed allegations that Kim Nam-kuk, a lawmaker who served on a policy-making committee, sold cryptoassets in anticipation of the National Assembly’s adoption of the Travel Rule.<\/p>\n

This, some have alleged, could constitute insider trading.<\/p>\n

But the issue has become muddied by political mud-slinging.<\/p>\n

South Korean Lawmakers Wade into Crypto Debate<\/h2>\n

Kim recently stepped down from the Democratic Party, the party with the most seats in the National Assembly.<\/p>\n

The ruling People\u2019s Power Party (PPP), some think, has sought to capitalize on this.<\/p>\n

The PPP has claimed that corruption-related issues are endemic to the Democratic Party.<\/p>\n

And the latter has countered.<\/p>\n

Park Chan-dae, a Democratic Party MP this week claimed that Minister Han had \u201crefused to disclose whether he owned cryptocurrency,\u201d claiming that this information was \u201cprivate and personal information.\u201d<\/p>\n

Park claimed that the question of whether or not Han owns cryptoassets or not should be settled in public.<\/p>\n

Park added that \u201crefusing\u201d to comment on the matter was unacceptable.<\/p>\n

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The People\u2019s Solidarity for Participatory Democracy, a left-leaning NGO, said that it had contacted the ministry on May 8.<\/p>\n

The NGO said it had sent the ministry a request for clarity on the matter of crypto ownership.<\/p>\n

But the group stated that the \u201cMinistry of Justice\u201d had replied by \u201cnotifying\u201d the NGO that it maintained a \u201cnon-disclosure\u201d policy.<\/p>\n<\/p><\/div>\n