Post-Crypto Scandal: South Korea's Parliament Votes to Maintains Kim Nam-kuk's Position

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Snake

2023/08/31 11:54

South Korea's parliamentary ethics subcommittee has chosen not to expel former Democratic Party member Kim Nam-kuk.

The vote on the motion hit a deadlock as both the ruling People Power Party and the Democratic Party evenly split their votes, resulting in a 3-3 tie that prevented the motion's approval.

Initially, the subcommittee's intention was to remove Kim Nam-kuk from his office due to concerns related to his ownership of Wemix [WEMIX] tokens.

These tokens, developed by South Korean blockchain game creator Wemade, were delisted from major exchanges in 2022 following a court ruling.

Recent reports have revealed that Kim had possessed approximately $4.5 million worth of WEMIX tokens.

The central issue revolves around the potential conflicts of interest, insider trading, and money laundering risks associated with Kim's involvement in these investments.

The fact that he held tradable WEMIX tokens prior to their delisting has sparked inquiries into the ethical implications of his actions.

This controversy has spurred the acceleration of legislation aimed at promoting transparency among officials regarding their cryptocurrency holdings.

This case prompted a legal initiative to enforce the disclosure of cryptocurrency holdings by public officials in South Korea.

South Korean Regulation on Crypto

In a latest bit of regulatory action, South Korean cryptocurrency exchanges are now obligated to allocate a minimum of 3 billion won, roughly $2.3 million, in bank reserves.

Coinlive reported on how these regulations, effective from September, follow the "Virtual Asset Real-Name Account Operation Guidelines" outlined by the Korea Federation of Banks (KFB) earlier this year.

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