Parliamentary candidates for the Democratic Party of South Korea are required to reveal their crypto holdings

As part of an attempt to demonstrate the “high moral standards” of its candidates, the party has decided to make this information public.

The Democratic Party of Korea, which now controls 167 of the 300 seats in the National Assembly, has mandated that all candidates for office in the next 2024 election reveal any and all digital asset holdings they may have.

Local media reports that this will be done so that the party’s “high moral standards” may be shown in its candidates.

The party will withdraw their nomination if they are found to be spreading incorrect information. Byung-do did not provide specific information on the repercussions of cryptocurrency ownership.

Prospective candidates’ biographies, including information about their work experience, educational background, and legislative goals, will be posted on a dedicated website. In 2024, South Koreans will go to the polls to renew their 300 seats in the National Assembly.

South Korean blockchain gaming firm Wemade came under criticism in May when it was revealed that Democratic Party member Kim Nam-kuk had owned $4.5 million worth of Wemix (WEMIX) tokens.

Kim’s ownership of Wemix has raised serious questions about the possibility of bias, insider trading, and possibly money laundering on his part. The case accelerated the creation of legislation in South Korea to force public officials to disclose their cryptocurrency holdings. In South Korea, however, a legislative ethics panel decided against expelling Kim from the National Assembly. However, the politician has switched parties and is now a Republican.

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