South Korean politicians are not required to disclose their crypto holdings or crypto-related earnings as no fewer than three cryptocurrency-related bills have failed the National Assembly.
Proposal submitted in November 2020
According to the Electronic timesThe bills aimed to require lawmakers and senior officials to report all of their cryptocurrency holdings and trading profits, which has created controversy in the political arena.
The proposal was tabled in November 2020 by Min Hyung-bae, a legislator for the ruling Democratic Party of Korea and a member of the parliamentary finance committee, whose rule was for politicians with cryptocurrency holdings worth $ 9,200 (10 million won) or more to make statements before the ethics committee.
Min wanted the bills to prevent conflicts of interest within officials who “could use their political positions to pursue private interests”.
The current law, known as the Public Officials Ethics Act, requires South Korean lawmakers and candidates to take a political position not to declare their land, homes, cash and bonds only if each declared property is worth $ 9,200 or more.
Another motivation for proposing the three bills was a conflict of interest with legislators Park Deok-heum and Jeon Bong-min. However, this case was not related to crypto at all, but raised concerns in the National Assembly about “strengthening existing laws,” the report said.
Ministries continue to point out that cryptocurrencies do not have an official real estate value as their legal status has not yet been verified.
Similar proposal approved in Russia
A similar proposal was approved by Russian President Vladimir Putin. As news.Bitcoin.com reported on December 13, 2020, Putin signed an order requiring government employees to disclose their cryptocurrency holdings.
The order stipulates that employees must provide details of where they bought the digital assets and what value they have by June 30, 2021.
Although discussions to clarify the legal concept of cryptocurrencies in South Korea are halted, in 2020 the government actively submitted proposals for taxing profits from the buying and selling of cryptocurrencies.
What do you think of the bills that were not passed in the South Korean National Assembly? Let us know in the comments below.
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