Read

<div class="cryptonews">
 <p class="is-style-lead">The Democratic Party of Korea has introduced a policy requiring its candidates to disclose their crypto holdings ahead of the 2024 general elections, aiming to enhance transparency and address potential conflicts of interest.</p>
 <p>The Democratic Party of Korea, which has a majority in the National Assembly with 167 out of 300 seats, has decided that people who want to run for office in the 2024 general elections must disclose individual crypto holdings. This move is reported by News1 as a way for the party to appeal to high moral standards.</p>
 <p>Han Byung-do, who leads the party’s strategy team, said it will check if <a rel="noopener noreferrer nofollow" title="candidates" href="https://thebittimes.com/tag/candidates.html">candidates</a> might have conflicts of interest because of their digital money. If a representative lies about ownership of <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>, they will not be allowed to run for office as a member of the party. Byung-do did not specify the consequences of disclosing <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> ownership up front.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> South Korean Financial Watchdog Calls for International Consistency of Crypto Regulations
 </div>
 <p>The information about the <a rel="noopener noreferrer nofollow" title="candidates" href="https://thebittimes.com/tag/candidates.html">candidates</a>, along with their work history, education, and plans for making laws, will be put on a website available for mass consumption.</p>
 <p>This new rule comes after an issue with Kim Nam-kuk, a member of the same party, as Nam-kuk owned nearly $4.5 million in Wemix tokens, a cryptocurrency made by a South Korean company. Government officials were worried he might use this for his own benefit or even for illegal activities like money laundering, and although he wasn’t kicked out of the National Assembly, he did leave the Democratic Party.</p>
 <p>By making <a rel="noopener noreferrer nofollow" title="candidates" href="https://thebittimes.com/tag/candidates.html">candidates</a> share their <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="holdings" href="https://thebittimes.com/tag/holdings.html">holdings</a>, the party is trying to be more open and prevent problems like conflicts of interest.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> South Korean regulators focus on OTC crypto market
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/south-korea-s-democratic-party-requires-parliamentary-candidates-to-reveal-crypto-holdings-tbt70291.html">https://thebittimes.com/south-korea-s-democratic-party-requires-parliamentary-candidates-to-reveal-crypto-holdings-tbt70291.html</a></p>

South Korea’s Democratic Party requires parliamentary candidates to reveal crypto holdings

TheBitTimes

Other articles published on Nov 14, 2023

Opyn co-founders exit following CFTC charges

What is IoTeX Coin?

Bitcoin Price Drops Below $36,000 Despite Positive Inflation Data

Wirex Token (WXT): Your Guide to a Rewarding Crypto Experience

cheqd Launches Creds Creator Studio To Power Its Ecosystem Of Verifiable Credentials

5 New Coin Listings Trending on DEXTools

Join our free newsletter for daily crypto updates!