South Korea’s Democratic Party Mandates Crypto Holdings Disclosure for Candidates in Upcoming Elections The Democratic Party of South Korea has instituted a new policy requiring preliminary candidates for the upcoming general elections to disclose their
holdings in virtual assets, including cryptocurrencies, according to The Korea
Economic Daily (Hankyung).
This decision, announced by
Han Byung-do, the chairman of the Democratic
Party’s Strategic Planning Committee, follows discussions within the party’s general election planning team. The party aims to ensure that candidates uphold the highest moral standards and avoid potential conflicts of interest related to
digital asset holdings. Chairman Han emphasized the importance of this policy in a recent statement.
“The consensus was that the verification of candidates should be strictly strengthened based on morality,” he said. Han also warned that candidates who fail to accurately
report their holdings will face legal repercussions and potentially severe consequences,
including the cancellation of their candidacy.
