Multiple Transactions Over 1 Billion KRW Including Kim Nam-guk
Ethics Advisory Committee "Currently Assessing Potential Conflicts of Interest"
Among the 299 members of the National Assembly, the list of 11 members who have held virtual assets (cryptocurrencies) was confirmed.
The Ethics Advisory Committee of the National Assembly Ethics Special Committee checked the ownership and transaction history of virtual assets (cryptocurrencies) from all members of the National Assembly, and a total of 11 members reported having held virtual assets. Yoo Jae-pung, chairman of the Ethics Advisory Committee, stated, “All 299 members reported whether they held cryptocurrencies, and among them, 11 reported that they had held them.”
From the People Power Party, five members including Unification Minister Kwon Young-se, and Assemblymen Kim Jeong-jae, Yoo Kyung-jun, Lee Yang-su, and Lee Jong-seong reported ownership. From the Democratic Party, three members including Kim Sang-hee, Kim Hong-gul, and Jeon Yong-gi reported. It was also reported that Assemblyman Cho Jeong-hoon of the Transition Era Party and independent Assemblyman Hwang Bo-seung-hee, formerly of the People Power Party, were on the reported list.
The advisory committee judged that a considerable number of the 11 members have potential conflicts of interest, considering the number of transactions and amounts involved. Factors indicating conflicts of interest include the proposal and favorable voting on the virtual asset tax deferral bill (amendment to the Income Tax Act) and participation in the Special Committee on Virtual Assets.
Yoo Jae-pung, Chairman of the Ethics Review Advisory Committee of the National Assembly Special Ethics Committee Photo by Yonhap News
Accordingly, next week, the list of voluntarily reporting members and their investment amounts will be disclosed, and for members deemed to have potential conflicts of interest, the contents will be notified to National Assembly Speaker Kim Jin-pyo, the floor leaders of their respective parties, and each member’s office.
However, the members in question acknowledged holding virtual assets but reportedly stated that “there is no conflict of interest.” Most members explained that “the purpose was to study coins, which are a social issue.”
Minister Kwon explained to Yonhap News, “In 2020, coins were a social craze, and since there were people in difficulty, I got involved,” adding, “I invested about 30 to 40 million KRW and seem to have lost about 10 to 20 million KRW. In 2021, I sold them, then re-entered the market with less than 10 million KRW, repeatedly buying and selling.”
Assemblyman Yoo Kyung-jun of the same party said, “I purchased coins to understand the reality of cryptocurrency trading after being appointed as a member of the party’s Special Committee on Virtual Assets in 2021,” adding, “I invested about 10 million KRW, with 2 million KRW remaining, and have not traded since early this year.”
Democratic Party Assemblywoman Kim Sang-hee said, “Around 2021, when the coin craze was at its peak, many people around me suffered investment losses, so I made two transactions for study purposes: one worth 50,000 KRW and another worth 270,000 KRW, and I settled all last year,” adding, “The current balance is 67 KRW, which is from an airdrop (event-based free distribution), and I was told that it cannot be sold.”
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