Party Emphasizes "High Moral Standards" in Move to Promote Transparency
The Democratic Party of South Korea has announced that all prospective parliamentary candidates will be required to disclose their cryptocurrency holdings ahead of the general election in 2024. This decision is part of the party's efforts to demonstrate the "high moral standards" of its candidates and avoid potential conflicts of interest. Any false reports will result in the cancellation of the person's candidature, although further details about the consequences of holding crypto were not provided.
Transparency Initiative Extends to Candidate Profiles
In addition to crypto holdings, the Democratic Party will also make information about prospective candidates, including their careers, educational background, and legislative activity plans, publicly available on a separate online platform. This move aims to provide voters with a comprehensive understanding of the candidates before the upcoming general elections in 2024. All 300 seats in the National Assembly will be up for reelection.
Controversial Case Sparks Legal Initiative
The decision to require candidates to disclose their crypto holdings comes after a member of the Democratic Party, Kim Nam-kuk, faced controversy earlier this year. It was revealed that Kim had once held at least $4.5 million in Wemix (WEMIX) tokens developed by South Korean blockchain game developer Wemade. Concerns were raised regarding potential conflicts of interest, insider information, and money laundering. This case led to the development of a legal initiative that mandates officials to report on their cryptocurrency holdings in South Korea.
However, despite the controversy, a parliamentary ethics subcommittee rejected a motion to expel Kim from the National Assembly. Kim eventually left the Democratic Party.
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