China News Daily Official TheBitTimes.com

The Democratic Party of Korea has introduced a policy requiring its candidates to disclose their crypto holdings ahead of the 2024 general elections, aiming to enhance transparency and address potential conflicts of interest. The Democratic Party of Korea, which has a majority in the National Assembly with 167 out of 300 seats, has decided that people who want to run for office in the 2024 general elections must disclose individual crypto holdings. This move is reported by News1 as a way for the party to appeal to high moral standards. Han Byung-do, who leads the party’s strategy team, said it will check if candidates might have conflicts of interest because of their digital money. If a representative lies about ownership of crypto , they will not be allowed to run for office as a member of the party. Byung-do did not specify the consequences of disclosing crypto ownership up front. You might also like: South Korean Financial Watchdog Calls for International Consisten...

The disclosure will be a part of the party’s effort to show the 'high moral standards' of its candidates. The Democratic Party of Korea, which holds 167 out of 300 mandates in the National Assembly, has made it mandatory for prospective candidates to disclose their virtual asset holdings before next year’s general election. According to the local outlet, News1, the disclosure will be a part of the party’s effort to show the 'high moral standards' of its candidates . As the chairman of the Democratic Party’s strategic planning committee, Han Byung-do has reportedly stated behind the closed-door meeting with journalists: "We have decided to verify whether candidates have conflicts of interest in virtual assets from the screening stage of the verification committee." In the case of false reports, the party will cancel that person's candidature. However, Han Byung-do didn’t elaborate on any consequences for holding crypto .  The information on prospective can...