South Korean Politicians Bought $50M Worth of Crypto in 3 Years

Throughout the time duration in between May 30, 2020, and May 30, 2023, the South Korean National Assembly members bought crypto worth 62.5 billion won (approx $48 million) and offered crypto worth 63.1 billion won (approx $48.6 million)

This year, South Korea is increase its efforts for crypto guideline. After finding some political leaders are associated with suspicious crypto trading, the focus has actually been on managing their crypto activities.

Almost 6% of South Korean National Assembly Members Own Crypto

There has actually been a boost in the appeal of cryptocurrency among South Korean National Assembly members.

An examination performed by the Anti-Corruption and Civil liberty Commission exposes that in 2022, just 8 members owned 24 various crypto possessions. Nevertheless, by 2023, the number had actually increased to 17 members, holding 107 kinds of crypto possessions. This number comprises almost 6% of all South Korean National Assembly members.

The examination covered 36 domestic virtual possessions company. Jeong Seung-yoon, the acting chairman of the Anti-Corruption and Civil Liberty Commission, stated:

” This virtual possession examination was performed relatively in accordance with the law and concepts in cooperation with pertinent companies.'”

Learn More: Crypto Policy: What Are the Advantages and Drawbacks?

Throughout the examination duration, the members’ most trading crypto was Bitcoin (BTC). From 2020 to 2023, the National Assembly members bought $48 million worth of crypto in overall, while they likewise offered $48.6 million worth of crypto.

There were likewise some disparities in the information offered by 10 members southern Korean National Assembly.

BeInCrypto reported in Might 2023 that the South Korean National Assembly passed an expense needing legislators to reveal their crypto holdings. The expense was gone over as opposition political leader Kim Nam-kuk deals with accusations of suspicious crypto trading.

Learn More: 7 Finest Pro Accounts for Crypto Trading

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For BeInCrypto’s most current Bitcoin (BTC) analysis, click on this link.