Ruling and Opposition Parties Submit 'Consent Form for Virtual Asset Full Survey' to Anti-Corruption Commission on the 4th

The ruling and opposition parties are scheduled to submit consent forms for the provision of personal information to the Anti-Corruption and Civil Rights Commission on the 4th for a full investigation of National Assembly members' virtual assets (cryptocurrencies).

[Image source=Yonhap News]

The People Power Party and the Democratic Party of Korea reportedly reached an agreement on this matter on the 3rd.

Following the controversy over independent lawmaker Kim Nam-guk's virtual asset holdings, both parties decided to conduct a full investigation into the virtual asset holdings and transaction details of National Assembly members themselves, and have collected consent forms for the provision of personal information from their respective party members.

However, concerns have been raised that the investigation may be ineffective as the ruling and opposition parties agreed to exclude the spouses and direct ascendants/descendants of National Assembly members from the full investigation.

This is because potential conflicts of interest, such as cases where the spouse of a lawmaker who proposed virtual asset-related bills has traded large amounts of virtual assets, cannot be detected.

Meanwhile, the Democratic Party has temporarily suspended the investigation after concluding that there were "no issues warranting follow-up measures" regarding lawmakers Kim Sang-hee, Kim Hong-gul, and Jeon Yong-gi, whose virtual asset transaction details were revealed.