The Democratic Party Proposes the 'Kim Nam-guk Prevention Act'... "Registered Due to Coin Interests"

Obligation to Register Virtual Assets for Oneself and Family

On the 12th, Choi Hyung-doo, a member of the People Power Party, proposed an amendment to the National Assembly Act requiring members of the National Assembly to register virtual assets as private interests when they hold them.

Kim Nam-guk, member of the Democratic Party of Korea. [Photo by Yonhap News]

This bill, known as the "Kim Nam-guk Prevention Act," targets Kim Nam-guk of the Democratic Party of Korea, who has been at the center of controversy over coin investments worth tens of billions of won. When registering matters related to private interests, virtual assets such as coins owned by the member and their family must also be registered, and failure to register or false registration will result in disciplinary action.

According to current law, members of the National Assembly must register private interests with the National Assembly Ethics Review Advisory Committee within 30 days from the day their election is confirmed (within 10 days for by-elections or special elections). They are also obligated to report conflicts of interest and to request abstention from voting and speaking on agenda items if there is a risk of conflict of interest.

Previously, five lawmakers including Yoo Kyung-joon of the People Power Party and Kim Han-gyu, Min Hyung-bae, Shin Young-dae, and Lee Yong-woo of the Democratic Party proposed an amendment to the Public Officials Ethics Act to include virtual assets in the property registration requirements for public officials and candidates.