The Anti-Corruption and Civil Rights Commission said Friday that lawmakers traded virtual assets totaling over 125.6 billion won ($97.6 million) over the past three years, with irregularities detected in some instances.
The agency announced the outcome of its 90-day inspection into virtual asset transaction records of all 298 sitting lawmakers between May 30, 2020, and May 31, 2023, after questions arose over a young lawmaker's once-massive cryptocurrency assets.
According to the results, 18 lawmakers have records of virtual asset possession during the period.
Of them, 11 lawmakers actually traded virtual assets during the period, with the accumulated buying and selling amounts reaching 62.5 billion won and 63.1 billion won, respectively, according to the inspection results.
It was unclear how they gained from the transactions.
Lawmakers collectively held 107 types of virtual assets, with Bitcoin being the most popular choice.
Earlier this year, the ruling and opposition parties agreed to have the agency conduct the examination after Rep. Kim Nam-kuk, now an independent after leaving the main opposition Democratic Party, was found to have once held a substantial number of cryptocurrency coins.
The inspection also revealed discrepancies in the holdings and transaction records of 10 lawmakers compared to what they voluntarily declared earlier this year.
One lawmaker, whose identity was withheld, conducted 49 cryptocurrency transactions but did not report them to the National Assembly, citing that his cryptocurrency exchange Bithumb account was closed at the time.
The inspection also showed that changes happened in the virtual asset holdings of three lawmakers when they were attending standing committee meetings, which suggests they conducted transactions without focusing on their parliamentary duties.
The commission said, however, that the coin-related activities of the three did not violate the conflict of interest prevention law.
The commission said some lawmakers' receipt and withdrawal records regarding virtual assets were unclear, and there was a need for additional checking. However, due to the limitations of investigative authority, it was challenging to do so.
The agency has recommended the National Assembly establish a parliamentary rule mandating lawmakers to report their virtual asset holdings before the commencement of a new National Assembly that will begin its term after the April 10 general elections. (Yonhap)
