South Korean congressman Kim Nam-kuk may face six months in prison for allegedly failing to report his Crypto Assets holdings to the government. He is currently on trial in Seoul.
According to the South Korean media Dong-A Ilbo, although Kim Nam-guo owns 9.9 billion Korean won in digital assets, his reported total assets in 2021 were 1.2 billion Korean won (approximately 834,356 US dollars at the time of writing), and he concealed cryptocurrency holdings worth 9.9 billion Korean won in 2022.
Prosecutors said that Kim Nam-guk "obstructed the parliamentary ethics committee's review of the assets of parliament members in a false manner" because he did not declare all of his holdings of Cryptocurrency. Holding such assets could create potential conflicts of interest for elected officials.
In 2023, it was alleged that Kim Nam-gu liquidated millions of dollars worth of Cryptocurrency before the implementation of the travel rules by the Financial Action Task Force in South Korea, and subsequently left the Democratic Party of Korea. He claimed to have transferred the funds to another exchange without declaring these assets to the government. (Cointelegraph)
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South Korean prosecutors have requested a 6-month prison sentence for Congressman Kim Nam-guk, who is suspected of concealing Cryptocurrency Holdings.
South Korean congressman Kim Nam-kuk may face six months in prison for allegedly failing to report his Crypto Assets holdings to the government. He is currently on trial in Seoul. According to the South Korean media Dong-A Ilbo, although Kim Nam-guo owns 9.9 billion Korean won in digital assets, his reported total assets in 2021 were 1.2 billion Korean won (approximately 834,356 US dollars at the time of writing), and he concealed cryptocurrency holdings worth 9.9 billion Korean won in 2022. Prosecutors said that Kim Nam-guk "obstructed the parliamentary ethics committee's review of the assets of parliament members in a false manner" because he did not declare all of his holdings of Cryptocurrency. Holding such assets could create potential conflicts of interest for elected officials. In 2023, it was alleged that Kim Nam-gu liquidated millions of dollars worth of Cryptocurrency before the implementation of the travel rules by the Financial Action Task Force in South Korea, and subsequently left the Democratic Party of Korea. He claimed to have transferred the funds to another exchange without declaring these assets to the government. (Cointelegraph)