Democrats to Examine 'Virtual Asset Conflicts of Interest' from Early Stages of General Election Candidate Screening

Impact of 'Kim Nam-guk Coin Controversy'... Verification from Candidate Stage
"Candidates Will Be Disqualified if False Reporting of Virtual Asset Holdings Is Detected"

The Democratic Party of Korea has decided to verify potential conflicts of interest related to virtual assets held by its candidates from the initial screening stage for next year's general election. This move is interpreted as a strategy to fundamentally prevent cases like the 'coin controversy,' which led to Representative Kim Nam-guk leaving the Democratic Party and the subsequent mandatory reporting and disclosure of virtual assets held by members of the National Assembly, from recurring in next year's election starting from the candidate stage.

Han Byung-do, a member of the Democratic Party's general election planning team, spoke to reporters after the second closed meeting of the planning team on the 14th, stating, "There was consensus on the need to strengthen candidate verification with strict ethical standards from the Public Official Election Candidate Verification Committee (Candidate Verification Committee) stage," and announced the policy to verify 'virtual asset conflicts of interest.'

On the 6th, at the first meeting of the Democratic Party's General Election Planning Team held at the National Assembly, Representative Lee Jae-myung is giving a greeting.
[Image source=Yonhap News]

Han explained, "Holding virtual assets itself cannot be considered a problem," but added, "By examining the process of wealth formation, potential issues can be identified, so this will be investigated rigorously." He emphasized, "If it is found that virtual assets were falsely reported, the candidate will face corresponding measures, including disqualification," and stressed, "We will take the strictest possible actions."

Additionally, the general election planning team decided to establish an online platform where the public can check information about Democratic Party preliminary candidates in each electoral district. Han said, "We will disclose the career, education, photo, and legislative activity plans of all preliminary candidates who pass the Candidate Verification Committee," adding, "This information will be available not only to party members but to the entire public."

The planning team also intends to decide through separate discussions whether to incorporate the innovation proposals announced in August by the 'Kim Eun-kyung Innovation Committee,' including measures to increase penalty points for lower-ranked incumbent lawmakers during candidate selection. Han stated, "There will be a separate time to discuss the Kim Eun-kyung Innovation Committee's proposals," and added, "We plan to discuss the innovation committee's proposals separately."

Furthermore, the planning team agreed on presenting a new party image through this election. Han said, "The new Democratic Party general election campaign is a strategy to present the public with a new political vision aligned with changing times and to transform into a party that meets the demands of future generations," and added, "Detailed information will be disclosed at the next meeting."