The parliamentary ethics subcommittee in South Korea has voted against the expulsion of Kim Nam-kuk, a former member of the Democratic Party, the main opposition group.
This decision was reported by the local news agency Yonhap on August 30.
On August 29, the subcommittee dismissed the motion to expel Kim Nam-kuk, with a 3-3 split between the ruling People Power Party (PPP) and the Democratic Party (DP).
The motion required a majority vote to be approved, which did not materialize.
This move comes after Kim faced significant backlash earlier this year due to revelations that he possessed over $4.5 million worth of Wemix (WEMIX) tokens, developed by South Korean blockchain game creator Wemade.
The Wemix tokens had been tradable on major South Korean exchanges until a local court ordered their removal from platforms in late 2022.
Kim’s ownership of Wemix tokens raised serious concerns about potential conflicts of interest, misuse of insider information, and potential involvement in money laundering.
This controversy played a role in expediting the creation of a legal framework mandating that officials disclose their cryptocurrency holdings, including assets like Bitcoin (BTC), in South Korea.
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The requirement for cryptocurrency holdings disclosure is not unique to South Korea.
In July, the country’s Financial Services Commission introduced a new bill stipulating that all companies issuing or possessing cryptocurrencies must disclose their holdings starting from 2024.
In another cryptocurrency-related development, the city of Cheongju in South Korea announced in mid-August that it would initiate the seizure of cryptocurrencies from local tax defaulters.
This initiative compels cryptocurrency exchanges such as Upbit and Bithumb to report on these individuals who have failed to meet their tax obligations.
In conclusion, South Korea’s parliamentary ethics subcommittee’s rejection of the motion to expel Kim Nam-kuk, despite concerns surrounding his cryptocurrency holdings, reflects the ongoing debate and regulatory efforts in the country regarding the transparency and accountability of cryptocurrency-related activities.
This decision aligns with broader initiatives to enhance disclosure and monitoring of cryptocurrency assets within South Korea’s regulatory framework.
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