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South Korean legislature dismisses proposal to remove lawmaker amid cryptocurrency controversy.
The parliamentary ethics subcommittee in South Korea has rejected a motion to expel Kim Nam-kuk, a former member of the main opposition Democratic Party.
A parliamentary ethics subcommittee in South Korea has turned down a motion to expel Kim Nam-kuk, a former member of the main opposition Democratic Party (DP), as reported by the local news agency Yonhap on Aug. 30.
The subcommittee dismissed the proposal on Aug. 29 after the ruling People Power Party (PPP) and the DP split evenly on the motion with a 3-3 vote. A majority was required for the motion to pass, according to the report.
As previously mentioned, Kim faced criticism earlier this year when it was revealed that he had previously held at least $4.5 million in Wemix (WEMIX) tokens, created by the South Korean blockchain game developer Wemade. Wemix tokens had been permitted for trading on major exchanges in South Korea until a local court mandated their delisting from the platforms in late 2022.
Kim’s engagement in WEMIX investments raised significant concerns regarding possible conflicts of interest, the use of insider information, and even money laundering. This situation accelerated the development of a legal initiative aimed at requiring officials to disclose their cryptocurrency holdings, such as Bitcoin (BTC), in South Korea.
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Kim Nam-kuk at a plenary session at the National Assembly in Seoul on Aug. 24, 2023. Source: Yonhap
In South Korea, officials are not the only ones being asked to report their cryptocurrency holdings. In July, the Financial Services Commission of South Korea introduced a new bill that would mandate all firms that issue or hold cryptocurrencies to disclose their holdings starting in 2024.
Related: SEC seeks to question Terraform Labs co-founder Daniel Shin in Korea
In mid-August, the South Korean city of Cheongju announced plans to begin confiscating cryptocurrency from local tax delinquents, requiring exchanges such as Upbit and Bithumb to report on these offenders.
Magazine: Asia Express: Bitcoin miner gets life in prison, China offers bounties for crypto firms
