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Bills on Jeonse Scams, Lawmakers’ Virtual Assets Set for Vote on Thurs.

Written: 2023-05-25 15:20:34Updated: 2023-05-25 15:37:53

Bills on Jeonse Scams, Lawmakers’ Virtual Assets Set for Vote on Thurs.

Photo : YONHAP News

The National Assembly is set to vote on a pair of special bills providing assistance to victims of housing rental scams and requiring lawmakers to disclose virtual assets in a plenary session Thursday afternoon.

The vote follows the greenlight on the legislation by the legislation committee earlier in the day.

The bill to help victims of rental scams provides various aid to victimized tenants, most of whom are in their 20s and 30s, caught up in fraudulent schemes that abuse the country's unique lump sum rental deposit system called "jeonse."

This includes offering the victims long-term, low-interest loans and a program to help recover credit scores.

A revision to the National Assembly Act requiring incoming lawmakers to report virtual assets to the ethics review committee mandates any kind of digital asset to be reported regardless of the amount.

The current law requires lawmakers to report only traditional assets such as cash and stocks exceeding ten million won, or around 75-hundred U.S. dollars, personally or by family members.

Both bills were inspired by recent scandals, with many young people falling victim to jeonse schemes reliant on stable housing values, while the virtual asset revision came in response to a cryptocurrency controversy involving sitting lawmaker Kim Nam-kuk.

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