South Korean Justice Ministry Hits Out at Claims it ‘Refused to Say’ if Minister Owns Crypto

Politics South Korea
Last updated:
Author
Tim Alper
Author Categories
About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
A statue of Lady Justice, blindfolded and holding scales and a sword, in front of a South Korean flag.
Source: mehaniq41/Adobe

South Korea’s Justice Ministry has hit out at claims that Minister Han Dong-hoon “refused to disclose information” about whether or not he owns crypto.

Per the media outlet Newsis, the ministry claimed that “the cryptoasset holding status of public officials who work with cryptoasset [regulation]” is “checked regularly.”

The ministry claimed that it conducted bi-annual checks on all “public officials belonging to the Ministry of Justice,” including “the Minister and Vice Ministers.”

It added that it had begun to check officials in this manner in 2021.

And it said that its most recent check was conducted in January this year.

The latest check, the ministry claimed revealed that “there were no virtual assets held by public officials [who work with crypto regulation].”

The matter of lawmakers owning crypto has become a political hot potato in South Korea this month.

Outcry has followed allegations that Kim Nam-kuk, a lawmaker who served on a policy-making committee, sold cryptoassets in anticipation of the National Assembly’s adoption of the Travel Rule.

This, some have alleged, could constitute insider trading.

But the issue has become muddied by political mud-slinging.

A chart showing Bitcoin (BTC) prices versus the South Korean won (KRW) since the star of the year.
Bitcoin (BTC) prices versus the South Korean won (KRW) since the start of the year. (Source: Morningstar/Google).

South Korean Lawmakers Wade into Crypto Debate

Kim recently stepped down from the Democratic Party, the party with the most seats in the National Assembly.

The ruling People’s Power Party (PPP), some think, has sought to capitalize on this.

The PPP has claimed that corruption-related issues are endemic to the Democratic Party.

And the latter has countered.

Park Chan-dae, a Democratic Party MP this week claimed that Minister Han had “refused to disclose whether he owned cryptocurrency,” claiming that this information was “private and personal information.”

Park claimed that the question of whether or not Han owns cryptoassets or not should be settled in public.

Park added that “refusing” to comment on the matter was unacceptable.

The People’s Solidarity for Participatory Democracy, a left-leaning NGO, said that it had contacted the ministry on May 8.

The NGO said it had sent the ministry a request for clarity on the matter of crypto ownership.

But the group stated that the “Ministry of Justice” had replied by “notifying” the NGO that it maintained a “non-disclosure” policy.

More Articles

Bitcoin News
Osprey Funds Appeals Court Decision Favoring Grayscale in $2M Bitcoin Fund Case
Ruholamin Haqshanas
Ruholamin Haqshanas
2025-02-11 07:45:25
Price Analysis
Bitcoin Just Bagged a $742M Boost—Is a $100K Comeback Next?
Arslan Butt
Arslan Butt
2025-02-11 07:31:50
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors