South Korean lawmakers may soon be required to declare their cryptocurrency holdings following a scandal involving MP Kim Nam-kuk, who has been accused of suspicious crypto trades worth $4.5 million. The National Assembly's Political Affairs Committee has co-created a resolution that would establish a "voluntary" system for reporting cryptoasset holdings, but it is expected to become a de facto mandatory protocol.

Some lawmakers are calling for an investigation into all 300 members of the National Assembly, as they believe Kim may not be the only MP involved in the scandal. Currently, South Korean law only requires lawmakers to declare real estate, cash, or stock holdings worth over $7,500, but no such requirement exists for crypto holdings. The proposed resolution may be included as a clause in a forthcoming crypto holders' "protection" act, which is already in advanced committee stages ahead of an Assembly vote. Similar crypto declarations for MPs have already been adopted in nations such as Ukraine.