“National Assembly Passes Bills Requiring Reporting of Virtual Asset Holdings for Public Officials and Lawmakers”

While Rep. Kim Nam-guk (independent) caused controversy over ‘speculation of a large amount of virtual assets (cryptocurrency)’, bills that required members of the National Assembly and high-ranking public officials to report virtual asset holdings and examine whether there were conflicts of interest passed the plenary session of the National Assembly on the 25th. did. At the plenary session that day, all 268 members of the National Assembly voted in favor of the amendment to the Public Officials Ethics Act, which would make it mandatory for lawmakers and high-ranking public officials to register virtual assets. Unlike cash, stocks, bonds, etc., virtual assets that were not subject to property reporting were also included in the report. Accordingly, at the time of property registration in February next year, public officials and members of the National Assembly who are subject to property disclosure must report virtual asset transaction and holding details, such as themselves, their spouses, and lineal ascendants and descendants. The amendment to the National Assembly Act to include the list of virtual assets and issuers in the ‘registration of private interests’ of members of the National Assembly also passed the plenary session on this day with all 269 lawmakers present in favor. Accordingly, in the future, when a member-elect of the National Assembly registers property with the National Assembly Ethics Review Advisory Committee, he or she must include the list of issuers and virtual assets held by the person, spouse, or lineal ascendant and descendant, and the Ethics Review Advisory Committee will examine whether there is a conflict of interest between the elected person’s property and legislative activities. should be reviewed together. In the case of active duty members of the 21st National Assembly, virtual asset holdings and changes until the 31st of the following month must be registered with the Ethics Review Advisory Board by the 30th of the following month. The Ethics Review Advisory Committee will review whether there is a conflict of interest and report it to the Speaker of the National Assembly by July 31. Reporter Uhm Ji-won [email protected]