In a recent development, the Democratic Party of South Korea has instituted a new policy regarding crypto, mandating prospective candidates for the upcoming general elections to disclose their virtual asset holdings, including cryptocurrencies, as per The Korea Economic Daily
This directive, communicated by Han Byung-do, the chairman of the Democratic Party’s Strategic Planning Committee, originates from deliberations within the party’s general election planning team. The primary goal is to ensure candidates uphold the highest moral standards and avoid potential conflicts of interest related to cryptocurrency ownership.
Crypto Holdings Policy
Chairman Han emphasized the importance of this policy, stating, “The consensus was that the verification of candidates should be strictly strengthened based on morality.” He cautioned that candidates providing inaccurate reports on their crypto holdings may face legal repercussions, including the nullification of their candidacy.
Han highlighted,
“If you make a false report, you will be legally held responsible for it,” and “If you are found, you will face correspondingly strict measures (cancellation of candidacy, etc.).”
“However, (holding virtual assets) itself cannot be questioned. Owning it itself is not the problem.” Han added, “If you look into the process of forming the property, you can identify problems, so the verification committee will look at the contents and strictly review them.”
This initiative aligns with South Korea’s broader efforts to augment transparency and accountability in the political arena, specifically focusing on crypto-related matters. Concurrently, South Korean authorities have been actively engaged in monitoring and regulating digital assets within the country.