The Democratic Party of Korea has introduced a new requirement for its candidates, making it mandatory for them to disclose their cryptocurrency holdings, professional backgrounds, academic history, and photos to the public. This move is aimed at enhancing transparency and building public trust ahead of South Korea’s 2024 general election.
Han Byung-do, the chairman of the Democratic Party’s strategic planning committee, stated in a private meeting that the party will assess candidates for conflicts of interest in virtual assets from the early stages of the verification process. Any discrepancies or fake reports submitted by candidates will result in disqualification from the election.
This decision aligns with recent legislation passed by South Korea’s National Assembly in May, known as the ‘Kim Nam-gun Prevention Act.’ The act requires lawmakers and high-ranking government officials to declare their cryptocurrency holdings. The legislative move followed a scandal involving Democratic Party lawmaker Kim Nam-gun, who left the party after it was revealed that he owned a substantial amount of controversial Wemix tokens and sold them just before new crypto disclosure rules took effect in March.
The Democratic Party, currently holding a majority in the Korean National Assembly, aims to improve its public image and trust ahead of the 2024 general election. Despite differences with President Yoon Suk-yeol’s administration on international relations, both parties seem to be in agreement on the need for crypto regulation. The Democratic Party’s initiative reflects South Korea’s commitment to transparency among lawmakers, surpassing efforts in countries like the US and the UK.
