Will the National Assembly Speed Up the Full Survey on Virtual Assets?

National Assembly Political Affairs Committee Adopts Virtual Asset Self-Reporting Resolution
Ruling and Opposition Parties Say "Full Survey Is Natural"
Some Say "Kim Nam-guk Allegations Should Be Clarified First"

Following the controversy over Rep. Kim Nam-guk's virtual asset (coin) speculation, a 'coin holding status survey' targeting all members of the National Assembly is expected to be conducted. Both ruling and opposition parties agree on the necessity, but there are also claims that clarifying Rep. Kim's allegations should take priority, making the actual full survey likely to face difficulties.

On the 17th, the National Assembly's Political Affairs Committee adopted a 'Resolution on Voluntary Reporting and Investigation of Virtual Assets by Members of the National Assembly' at a plenary meeting. Committee Chair Baek Hye-ryun explained the background of adopting the resolution, saying, "Recently, suspicions of illegal transactions related to large-scale virtual asset holdings by members of the National Assembly have increased, deepening the public's distrust of the National Assembly."

The resolution includes a provision requiring all members of the 21st National Assembly to voluntarily report to the Ministry of Personnel Management the status and changes of virtual assets acquired and held from the start of their term to the present. It also proposed that the Anti-Corruption and Civil Rights Commission investigate the acquisition, trading, and loss of virtual assets by members of the National Assembly. Furthermore, it urged related agencies, including the Financial Services Commission, the Financial Supervisory Service, and the Korea Exchange, to actively cooperate in the voluntary reporting by members and the investigation by the Anti-Corruption Commission.

[Image source=Yonhap News]

Both ruling and opposition parties expressed agreement on conducting a full survey of virtual assets. On the same day, the National Assembly Ethics Special Committee held a plenary meeting in the morning to begin discussions on disciplining Rep. Kim. After the meeting, Lee Yang-su, the ruling party's floor leader from the People Power Party, and Song Ki-heon, the opposition party's floor leader, met with reporters and both expressed agreement on the full virtual asset survey. Rep. Song said, "(The full virtual asset survey) is something I think is natural," adding, "Virtual assets, regardless of what they are called, are assets, so they should be included in the property declaration methods even if it requires further study." Rep. Lee also explained, "The People Power Party firmly believes that a full survey must be conducted," and "Virtual assets should be included in public officials' property declarations as soon as possible."

There are opinions that handling Rep. Kim's coin speculation allegations should come first, so further discussions are expected before the full survey can proceed. On the same morning, Lee Cheol-gyu, secretary-general of the People Power Party, appeared on KBS Radio and expressed agreement with the full survey of members' virtual asset holdings but cautioned, "The essence should not be reversed." He said, "First, this issue (Rep. Kim Nam-guk's coin speculation allegations) must be clearly clarified, then responsibility should be held, and afterward, all members' virtual asset transactions should be verified."

The Justice Party pressured the two major parties not to attach any conditions to the full survey and urged them to decide on the full survey request at their party meetings.

Justice Party leader Lee Jeong-mi wrote on Facebook in the afternoon regarding the National Assembly Political Affairs Committee's adoption of the 'Resolution on Voluntary Reporting of Virtual Assets by Members of the National Assembly,' saying, "Well done." She added, "However, what is regrettable is why they keep choosing a roundabout way," and emphasized, "If the two major parties hold party meetings to resolve and implement the full survey, it would be a simple matter. Each party should promptly decide on the full survey request through their party meetings."

She continued, "With even nationwide lobbying rumors emerging in the National Assembly, it is necessary to quickly grasp the actual status of virtual asset transactions by members of the National Assembly and conduct additional investigations on members with revealed suspicions," and criticized, "Attaching other conditions to the full survey repeatedly can only be interpreted as an attempt to conceal something."

She added, "If Rep. Kim Nam-guk's actions are considered serious enough to warrant expulsion, all members of the National Assembly should know that there is absolutely no justification to delay or avoid the full survey."