The South Korean parliamentary ethics subcommittee has rejected a motion to expel Kim Nam-kuk, a former member of the main opposition Democratic Party (DP), following controversy over his involvement in a crypto scandal.
Proposal to Expel Rejected
The motion to expel Kim Nam-kuk was voted down by the parliamentary ethics subcommittee on August 29. The proposal did not receive the necessary majority of votes as the ruling People Power Party (PPP) and the DP were evenly divided in a 3-3 vote, according to local news agency Yonhap.
Involvement in WEMIX Tokens
Kim Nam-kuk faced scrutiny earlier this year when it was revealed that he had previously held at least $4.5 million worth of Wemix (WEMIX) tokens. These tokens were developed by South Korean blockchain game developer Wemade and were listed for trading on major exchanges in the country until a court ordered their delisting in late 2022.
The lawmaker's association with WEMIX investments raised concerns about potential conflicts of interest, insider trading, and money laundering. This case prompted the introduction of a legal initiative in South Korea, requiring officials to disclose their cryptocurrency holdings, including Bitcoin (BTC).
Broader Reporting Requirements
South Korean officials are not the only ones being asked to report their cryptocurrency holdings. In July, the country's Financial Services Commission announced a new bill that would mandate all firms issuing or holding cryptocurrencies to disclose their holdings starting from 2024.
Furthermore, the city of Cheongju in South Korea recently announced plans to confiscate cryptocurrency from local tax delinquents. Exchanges like Upbit and Bithumb will be required to report on these individuals.
Did you miss our previous article...
https://trendinginthenews.com/crypto-currency/google-cloud-partners-with-el-salvador-to-digitize-governance-healthcare-and-education
