South Korean congressman would have used his position to earn millions from cryptocurrency trading

South Korean congressman would have used his position to earn millions from cryptocurrency trading

National Assembly member Kim Nam-kuk had authority over the making of laws related to digital assets in South Korea, reportedly backing a bill that proposed deferring a 20% tax on capital gains.

Diputado surcoreano habría aprovechado su cargo para ganar millones con el trading de criptomonedas

ApparentlyKim Nam-kuk, a member of the South Korean National Assembly, liquidated more than $4 million worth of cryptocurrency before the country’s lawmakers applied the Financial Action Task Force’s (FATF) “Travel Rule.”

According to a May 8 news from The Korea Times, the authorities of the Korean Financial Intelligence Unit are investigating Kim for trading approximately 6 billion won ($4.5 million) in crypto assets before South Korea introduced the Travel Rule in March 2022. The official allegedly claimed that he did not liquidate his assets, but instead transferred them to another exchange, and also claimed that he was not required to report such activity.

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As a member of the South Korean National Assembly, Kim had some authority in making laws related to digital assets, and he reportedly backed a law that proposed deferring a 20% tax on cryptocurrency capital gains from 2023 to 2025. Kim has reportedly denied any potential conflict of interest between managing crypto assets in his wallet and making decisions about it as an official.

“This is a serious moral hazard,” said Hong Joon-pyo, mayor of the city of Daegu. “He should have quit his job as a legislator and dedicated himself to speculative trading. Furthermore, he took charge of the delay of the cryptocurrency tax, which can be considered an abuse of his legislative power for the protection of his personal wealth” .

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The news came at a time when US lawmakers were considering prohibit members of Congress from investing in stocks and potentially digital assets. At press time, representatives and senators of the United States House of Representatives were largely required to report such investments, but they were not required to abstain from voting or otherwise seclude themselves should potential conflicts of interest arise. interests in legislation or regulation.

  • Terraform Labs co-founder and nine others have been charged in South Korea

South Korea has been included in many postmortem reports of the 2022 cryptocurrency market crash because Terraform Labs co-founder and former CEO, Do Kwonis a citizen of the Asian nation. After Kwon’s arrest in Montenegro in mid-March, the South Korean authorities have requested his extradition, as many of the victims of his alleged crimes were citizens of the country.

Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.

Keep reading:

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  • Terraform Labs co-founder and nine others have been charged in South Korea
  • Tim Cook says Apple will introduce AI into its products as researchers work to resolve biases
  • Do Kwon would appeal against the court’s decision to extend his detention
  • South Korea establishes independent sanctions against North Korea for cryptocurrency theft
  • South Korea to implement a system for tracking cryptocurrencies in 2023
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Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.

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