In the Press
Rival parties push for legislation subjecting virtual assets to public servants' asset disclosure
- Jun 05, 2023
- 1621
SEOUL, May 11 (Yonhap) -- The rival parties said Thursday they will push for legislation making cryptocurrency and other virtual assets subject to the annual asset disclosure required of lawmakers and other senior public servants amid a cryptocurrency scandal involving an opposition lawmaker.
Rep. Kim Nam-kuk of the main opposition Democratic Party (DP) has been under scrutiny and criticism following revelations he had owned around 800,000 Wemix coins in 2021, worth around 6 billion won (US＄4.5 million) at that time, a massive amount that does not fit his frugal image.
The assets were not included in Kim's disclosure of personal assets because such assets are not required to be declared. Kim has also been accused of conflict of interest, as he reportedly liquidated most of his digital assets months before he co-sponsored a bill deferring income tax on such assets.
"It has become clear that it is necessary to supplement the public servants' asset disclosure and the conflict of interest prevention systems," DP floor leader Park Kwang-on said at a party meeting. "We will swiftly revise the Public Service Ethics Act and related laws."
The ruling People Power Party (PPP) called also for legislation that would obligate public servants to transparently disclose all transactions and holdings of virtual assets.
"Virtual assets should be subject to regular asset reporting of top-government officials. We need to legislate a 'Kim Nam-kuk prevention law,'" PPP leader Kim Gi-hyeon said at a party leadership meeting.
On Thursday, Rep. Jung Hye-young of the minor opposition Justice Party announced it will propose a revision to the Public Service Ethics Act to obligate government officials to report virtual assets worth over 10 million won in their regular asset disclosure.
According to Jung, some 11.8 million of cryptocurrency wallets are registered in South Korea, which amounts to some 19 trillion won in value, as of the end of 2022.
Five separate amendments to the Public Service Ethics Act are currently pending at the National Assembly.
fairydust@yna.co.kr
(END)
[Photo] Main opposition Democratic Party Floor Leader Park Kwang-on (left) and ruling People Power Party leader Kim Gi-hyeon (right) speak at their party's meeting on May 11, 2023. (Yonhap)
Rep. Kim Nam-kuk of the main opposition Democratic Party (DP) has been under scrutiny and criticism following revelations he had owned around 800,000 Wemix coins in 2021, worth around 6 billion won (US＄4.5 million) at that time, a massive amount that does not fit his frugal image.
The assets were not included in Kim's disclosure of personal assets because such assets are not required to be declared. Kim has also been accused of conflict of interest, as he reportedly liquidated most of his digital assets months before he co-sponsored a bill deferring income tax on such assets.
"It has become clear that it is necessary to supplement the public servants' asset disclosure and the conflict of interest prevention systems," DP floor leader Park Kwang-on said at a party meeting. "We will swiftly revise the Public Service Ethics Act and related laws."
The ruling People Power Party (PPP) called also for legislation that would obligate public servants to transparently disclose all transactions and holdings of virtual assets.
"Virtual assets should be subject to regular asset reporting of top-government officials. We need to legislate a 'Kim Nam-kuk prevention law,'" PPP leader Kim Gi-hyeon said at a party leadership meeting.
On Thursday, Rep. Jung Hye-young of the minor opposition Justice Party announced it will propose a revision to the Public Service Ethics Act to obligate government officials to report virtual assets worth over 10 million won in their regular asset disclosure.
According to Jung, some 11.8 million of cryptocurrency wallets are registered in South Korea, which amounts to some 19 trillion won in value, as of the end of 2022.
Five separate amendments to the Public Service Ethics Act are currently pending at the National Assembly.
fairydust@yna.co.kr
(END)
[Photo] Main opposition Democratic Party Floor Leader Park Kwang-on (left) and ruling People Power Party leader Kim Gi-hyeon (right) speak at their party's meeting on May 11, 2023. (Yonhap)
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