Yeo, Prepares for 'Korea Anti-Corruption and Civil Rights Commission Coin Investigation'... All Submit Personal Information Consent Forms

"Collect consent forms and submit upon agreement"

The People Power Party announced that all of its members have agreed to submit consent forms for the provision of personal information to the Anti-Corruption and Civil Rights Commission (ACRC) for a full investigation into cryptocurrency (virtual asset) holdings. The party will collect the consent forms and submit them when a simultaneous investigation by both ruling and opposition parties is agreed upon.

On the afternoon of the 27th, Yoon Jae-ok, floor leader of the People Power Party, told reporters after a party meeting at the National Assembly, "We agreed to collect the consent forms and submit them once both parties agree to conduct a simultaneous full investigation, and all members consented."

Earlier, the Democratic Party of Korea announced on the 14th of last month that all its members had submitted consent forms for the provision of personal information to the party for the ACRC's full investigation into virtual assets. Floor leader Yoon said, "I don't know what information the Democratic Party has collected, but they have only long insisted on a full investigation without actually submitting anything to the ACRC, and it is unclear whether the information is even suitable to be submitted to the ACRC."

[Image source=Yonhap News]

The ACRC's full investigation into lawmakers' virtual asset holdings is a follow-up measure after allegations of large-scale cryptocurrency investments by independent lawmaker Kim Nam-guk surfaced in May.

On May 25, both ruling and opposition parties adopted a resolution in the plenary session of the National Assembly proposing that lawmakers voluntarily report their virtual asset holdings and transaction histories, and that the ACRC investigate lawmakers' acquisition, transactions, and holdings of virtual assets. On the same day, amendments to the National Assembly Act requiring lawmakers to submit virtual asset holdings to the Ethics Review Advisory Committee to prevent conflicts of interest, and to the Public Officials Ethics Act to include virtual assets in asset disclosures, were also passed.

The "ACRC-level investigation" was reignited when the Ethics Review Advisory Committee, which received virtual asset transaction reports under the amended National Assembly Act, disclosed the names of 11 lawmakers who had reported. According to the amendment, there is no penalty if a lawmaker does not report virtual asset holdings, leading to interpretations that more lawmakers may actually hold or have held cryptocurrencies.

Furthermore, the Public Officials Ethics Act, which mandates asset disclosure, takes effect "six months after promulgation," meaning that if virtual assets are disposed of before then, they will not appear in asset disclosures. For this reason, if personal information is obtained, the ACRC, which can conduct a "full investigation," is requested to carry out the investigation.

Unlike the previous focus on former Democratic Party lawmaker Kim Nam-guk, who left the party and faced criticism related to virtual assets, this time, cryptocurrency transaction and holding histories of five People Power Party lawmakers have been revealed. On the 24th, Song Gap-seok, a Supreme Council member of the Democratic Party, said at a Supreme Council meeting, "We hope the People Power Party promptly submit the consent forms for the ACRC's full investigation to fulfill the resolution on voluntary reporting and full investigation of virtual assets unanimously adopted by both parties in May," adding, "The Democratic Party has already completed submission of all consent forms."

This content was produced with the assistance of AI translation services.