Breaking
Link copied South Korean Lawmaker Accused of Conflict of Interest in Cryptocurrency Transactions
Financial Services Commission Alerts Prosecutor's Office of Suspicious Transactions Involving WEMIX Tokens
South Korean lawmaker Rep. Kim Nam-kuk. Facebook
Tue, 09 May 2023, 14:37 pm UTC
South Korean lawmaker Rep. Kim Nam-kuk from the opposition Democratic Party of Korea is facing accusations of potential conflict of interest after reportedly making a series of cryptocurrency transactions.
The Financial Services Commission's Financial Intelligence Unit (FIU) was alerted to the withdrawals of 800,000 WEMIX tokens by Rep. Kim from late February to early March 2022.
The lawmaker's WEMIX holdings were valued at $4.5 million between January and February 2022. The FIU has since reported the transactions to the prosecutor's office, classifying them as suspicious.
South Korea had implemented the Financial Action Task Force's (FATF) travel rule on March 25, 2022, which requires exchanges to collect personal data on transactions and report them to authorities when they exceed a certain threshold.
However, there is no reporting requirement for virtual assets in South Korea's Public Service Ethics Act.
WEMIX, the cryptocurrency in question, was delisted from major exchanges in South Korea last year for allegedly reporting inaccurate circulation supply figures.
Its issuing company, WeMade, unsuccessfully challenged the delisting in court.
Rep. Kim co-sponsored an amendment to the Income Tax Act in July 2021, which included a provision to defer taxation on virtual assets.
However, South Korea has postponed plans to tax income from crypto as well as income from the "transfer or lending" of virtual assets to 2025.
Rep. Kim has denied any wrongdoing, stating that he did not cash out his tokens and did not violate any laws.
Nonetheless, the transactions have sparked domestic outrage, and the prosecutor's office will investigate further.
<Copyright © TokenPost. All Rights Reserved. >
-
PUBLISH (NEWS)
$0.000552 (-15.60%)
-
Bitcoin (BTC)
$26,342.50 (-0.88%)
-
Ethereum (ETH)
$1,592.10 (+0.08%)
-
Tether USDt (USDT)
$0.999797 (-0.03%)
-
BNB (BNB)
$210.08 (-0.23%)
-
XRP (XRP)
$0.501226 (-1.55%)
-
PUBLISH (NEWS)
$0.000552 (-15.60%)
Jul 15, 2021 (Thursday)
13:30 
BTC Surges by 1.16% Within 5 Mins, Marking 31,824.01 USDT
12:06
BTC Surges by 1.12% Within 5 Mins, Marking 32,104.8 USDT
10:25
BTC Drops by 1.03% Within 5 Mins, Marking 32,171.88 USDT
02:13
TriumphX Scouts 'MINAMCOMPANY' CEO Woo-Seong Lee As Creative Director
02:00
ETH Tops List Of Crypto Net Inflow With $298.96 Mln In Past 10 Hours
Jul 14, 2021 (Wednesday)
13:14
BTC Surges by 1.03% Within 5 Mins, Marking 32,738.08 USDT
09:03
BTC Surges by 1.01% Within 5 Mins, Marking 31,899 USDT
02:30
Crypto Market Sentiment On Jul 14: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $224.97 Mln In Past 10 Hours
Jul 13, 2021 (Tuesday)
02:30
Crypto Market Sentiment On Jul 13: Market In "Extreme Fear"
02:00
ETH Tops List Of Crypto Net Outflow With $178.61 Mln In Past 10 Hours
Jul 12, 2021 (Monday)
02:30
Crypto Market Sentiment On Jul 12: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Inflow With $164.82 Mln In Past 10 Hours
Jul 11, 2021 (Sunday)
21:31
BTC Surges by 1.02% Within 5 Mins, Marking 34,475.6 USDT
10:00
ETH Tops List Of Crypto Net Inflow With $122.76 Mln In Past 18 Hours
06:17
SOBA Listed On LATOKEN
02:30
Crypto Market Sentiment On Jul 11: Market In "Extreme Fear"
02:00
BTC Tops List Of Crypto Net Outflow With $87.56 Mln In Past 10 Hours
Jul 9, 2021 (Friday)
21:40
BTC Surges by 1.08% Within 5 Mins, Marking 33,911.8 USDT
02:30
Crypto Market Sentiment On Jul 09: Market In "Extreme Fear"
Popular news
