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BTC
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2.19%
ETH
$3,285.46
0.33%
USDT
$0.9987
0.04%
BNB
$670.63
1.60%
XRP
$2.14
3.59%
SOL
$181.41
0.03%
DOGE
$0.3049
2.37%
USDC
$1.00
0.03%
ADA
$0.8654
2.41%
STETH
$3,273.05
0.58%
TRX
$0.2474
0.77%
WBTC
$96,666.38
0.86%
AVAX
$35.79
3.09%
TON
$5.39
0.07%
LINK
$22.16
1.78%
SHIB
$0.00002121
1.50%
DOT
$6.86
0.18%
LEO
$9.42
0.43%
BCH
$433.11
2.55%
NEAR
$5.00
0.14%
BTC
$93,288
2.19%
ETH
$3,285.46
0.33%
USDT
$0.9987
0.04%
BNB
$670.63
1.60%
XRP
$2.14
3.59%
SOL
$181.41
0.03%
DOGE
$0.3049
2.37%
USDC
$1.00
0.03%
ADA
$0.8654
2.41%
STETH
$3,273.05
0.58%
TRX
$0.2474
0.77%
WBTC
$96,666.38
0.86%
AVAX
$35.79
3.09%
TON
$5.39
0.07%
LINK
$22.16
1.78%
SHIB
$0.00002121
1.50%
DOT
$6.86
0.18%
LEO
$9.42
0.43%
BCH
$433.11
2.55%
NEAR
$5.00
0.14%
BTC
$93,288
2.19%
ETH
$3,285.46
0.33%
USDT
$0.9987
0.04%
BNB
$670.63
1.60%
XRP
$2.14
3.59%
SOL
$181.41
0.03%
DOGE
$0.3049
2.37%
USDC
$1.00
0.03%
ADA
$0.8654
2.41%
STETH
$3,273.05
0.58%
TRX
$0.2474
0.77%
WBTC
$96,666.38
0.86%
AVAX
$35.79
3.09%
TON
$5.39
0.07%
LINK
$22.16
1.78%
SHIB
$0.00002121
1.50%
DOT
$6.86
0.18%
LEO
$9.42
0.43%
BCH
$433.11
2.55%
NEAR
$5.00
0.14%
USD

Ad
Turner Wright
Dec 18, 2024


SOUTH KOREAN PROSECUTORS SEEK 6 MONTHS FOR LAWMAKER WHO ALLEGEDLY HID CRYPTO

National Assembly member Kim Nam-kuk left South Korea’s Democratic Party in 2023
after allegations of cashing out $4 million in crypto holdings.

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Kim Nam-kuk, a member of South Korea’s National Assembly, could be sentenced to
six months in prison for allegedly not reporting all his cryptocurrency holdings
to the government.

According to a Dec. 18 report from South Korean news outlet Dong-A Ilbo,
prosecutors in Kim’s case requested a six-month prison sentence for the
lawmaker, who is currently on trial in Seoul.

Kim allegedly reported his total assets at 1.2 billion Korean won — roughly
$834,356 at the time of publication — in 2021 despite owning 9.9 billion in
digital assets, and also concealed 990 million won worth of crypto holdings in
2022.

Prosecutors reportedly said Kim “obstructed the National Assembly Ethics
Committee’s review of the National Assembly member’s assets in a false manner”
by not declaring the entirety of his crypto holdings. Holding such assets can
present potential conflicts of interest for elected officials. 

Kim left the country’s Democratic Party in 2023 after allegations surfaced that
the lawmaker liquidated millions of dollars worth of crypto before South Korea
began enforcing the Financial Action Task Force’s Travel Rule. He reportedly
claimed that he had transferred the funds to another exchange but also that he
was not required to declare the assets to the government. 


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Related: South Korea’s FSC denies decision on corporate crypto account roadmap

After assuming office in 2020, Kim had some authority in handling laws related
to digital assets, including legislation proposed by the Democratic Party to
delay a 20% tax on crypto gains from 2023 to 2025. Lawmakers agreed to another
two-year delay of the policy on Dec. 1, pushing implementation until 2027.


POLITICAL TURMOIL IN SOUTH KOREA AFTER MARTIAL LAW DECLARATION

Kim’s trial, despite the allegations, has been vastly overshadowed by South
Korean President Yoon Suk Yeol declaring martial law seemingly without any
notice to allies on the evening of Dec. 3. Many lawmakers with the Democratic
Party and Yoon’s People Power Party scaled the walls of parliament buildings to
bypass the military guards and vote on rescinding the declaration. 

Yoon agreed to lift martial law after the vote but refused to resign even as
many lawmakers called on him to step down. Lawmakers in the National Assembly,
in a vote of 204 out of 300, impeached the South Korean president on Dec. 14. 

The Constitutional Court of Korea will have 180 days to review Yoon’s
impeachment, which could determine whether the president is removed from office.
Han Dong-hoon, leader of the People Power Party, also announced on Dec. 16 that
he would step down in response to the impeachment decision.

Magazine: South Korea’s unique and amazing crypto universe

Explore more articles like this

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Arm yourself with the latest on crypto laws and guidelines to make smart choices
for your crypto ventures. Delivered every Monday


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 * #Law
 * #Government
 * #South Korea
 * #Crimes
 * #Regulation


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