Close Menu
Global News HQ
    What's Hot

    Year of the stablecoin: The GENIUS Act, Wall Street, and the dollar’s digital leap

    July 27, 2025

    Why Small Business Must Adopt AI

    July 27, 2025

    9 Best Travel Hair Dryers to Pack in Your Carry-On

    July 27, 2025
    Recent Posts
    • Year of the stablecoin: The GENIUS Act, Wall Street, and the dollar’s digital leap
    • Why Small Business Must Adopt AI
    • 9 Best Travel Hair Dryers to Pack in Your Carry-On
    • Trump Wants Cane Sugar Coke: Will Soda Fans Pay Higher Prices and Taxes?
    • Citi Rewards+ Card rebrands as Citi Strata Card – The Points Guy
    Facebook X (Twitter) Instagram YouTube TikTok
    Trending
    • Year of the stablecoin: The GENIUS Act, Wall Street, and the dollar’s digital leap
    • Why Small Business Must Adopt AI
    • 9 Best Travel Hair Dryers to Pack in Your Carry-On
    • Trump Wants Cane Sugar Coke: Will Soda Fans Pay Higher Prices and Taxes?
    • Citi Rewards+ Card rebrands as Citi Strata Card – The Points Guy
    • Wall Street Week Ahead
    • 5 Predictions for 2025 Holiday Shopping
    • These Neuroprotective Nutrients Can Help Lower Your Dementia Risk
    Global News HQ
    • Technology & Gadgets
    • Travel & Tourism (Luxury)
    • Health & Wellness (Specialized)
    • Home Improvement & Remodeling
    • Luxury Goods & Services
    • Home
    • Finance & Investment
    • Insurance
    • Legal
    • Real Estate
    • More
      • Cryptocurrency & Blockchain
      • E-commerce & Retail
      • Business & Entrepreneurship
      • Automotive (Car Deals & Maintenance)
    Global News HQ
    Home - Cryptocurrency & Blockchain - South Korea Lawmaker Off the Hook in Crypto Disclosure Case – Decrypt
    Cryptocurrency & Blockchain

    South Korea Lawmaker Off the Hook in Crypto Disclosure Case – Decrypt

    Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp VKontakte Email
    South Korea Lawmaker Off the Hook in Crypto Disclosure Case – Decrypt
    Share
    Facebook Twitter LinkedIn Pinterest Email



    South Korea lawmaker Kim Nam-guk has been acquitted of charges related to concealing crypto holdings, as the court ruled that he was not legally required to disclose virtual assets under the country’s laws at the time.

    Judge Jeong Woo-Yong of the 9th Criminal Division of the Seoul Southern District Court delivered the verdict on Feb. 10, clearing Kim of allegations that he obstructed public duty by deceit, as per a local media report.

    The ruling found that virtual assets were not classified as registered assets under South Korea’s Public Service Ethics Act, meaning Kim had no obligation to declare them in his asset reports.

    The verdict comes as South Korea is ramping up enforcement against crypto-related crimes with the Ministry of Justice moving to make its Joint Investigation Unit for Virtual Assets (JIU) a permanent entity, expanding its authority and resources.

    The former Democratic Party member was accused of moving crypto profits off the books, before South Korea enforced the Financial Action Task Force’s (FATF) Travel Rule, which mandates crypto disclosure.

    Prosecutors alleged that he intentionally misrepresented his total wealth to the National Assembly’s Ethics Committee, raising concerns about potential conflicts of interest in financial legislation.

    They sought a six-month prison sentence, arguing that Kim had reported his total assets a $834,000 (1.2 billion won) in 2021, despite holding nearly $6.8 million (9.9 billion won) in crypto.

    Reeportedly, he had transferred funds between his bank and crypto accounts just before the December 31 declaration deadline to match prior-year reports, the prosecutors said.

    However, Judge Jeong dismissed the prosecution’s case, stating, “At the time, virtual assets were not registered assets according to the Public Service Ethics Act.”

    The court added, “Even if the National Assembly’s Committee on Ethics for Public Officials could not accurately determine the actual total assets, it is not easy to see that its review authority was obstructed by deceit.”

    Still, Judge Jeong didn’t fully absolve Kim, acknowledging that his asset reports contained “inadequate or inaccurate” information.

    While he has denied any wrongdoing, concern mount on whether his personal crypto investments conflicted with his legislative role, given his prior support for delaying a 20% tax on crypto gains.

    Although Kim was acquitted in the first trial, prosecutors could appeal to a higher court, keeping the case—and the debate over lawmakers’ crypto disclosures—alive.

    Crypto Tax Delay Adds to the Debate

    South Korea’s crypto tax has been postponed once again, marking the third delay since it was first introduced in 2020.

    Last December, the National Assembly approved an amendment to the Income Tax Act, pushing back the taxation of virtual asset gains until 2027.

    The plan was to impose a 20% tax on annual crypto income exceeding $1,724 (2.5 million won) starting in 2022, but repeated delays—driven by investor pushback and political divisions—have kept the policy from taking effect.

    Efforts to strengthen crypto regulations have also slowed due to South Korea’s short-lived martial law declaration, which became priority over financial and legislative reforms.

    Edited by Stacy Elliott.

    Daily Debrief Newsletter

    Start every day with the top news stories right now, plus original features, a podcast, videos and more.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email
    Previous ArticlePolice Just Busted a Crime Ring That Was Rerouting Deliveries of Rolls-Royces, Ferraris, and More
    Next Article 2025 Mitsubishi Outlander gets interior updates and $1,300 price bump

    Related Posts

    Year of the stablecoin: The GENIUS Act, Wall Street, and the dollar’s digital leap

    July 27, 2025

    Divine Research issues unbacked crypto loans using Sam Altman’s World ID

    July 27, 2025

    US Feds File Suit to Forfeit $7.1M in Crypto With Ties to Oil and Gas Storage Fraud

    July 27, 2025

    XRP Produces Successful $3 Support Retest – But What Next?

    July 27, 2025
    Leave A Reply Cancel Reply

    ads
    Don't Miss
    Cryptocurrency & Blockchain
    11 Mins Read

    Year of the stablecoin: The GENIUS Act, Wall Street, and the dollar’s digital leap

    Welcome to Slate Sundays, CryptoSlate’s new weekly feature showcasing in-depth interviews, expert analysis, and thought-provoking op-eds…

    Why Small Business Must Adopt AI

    July 27, 2025

    9 Best Travel Hair Dryers to Pack in Your Carry-On

    July 27, 2025

    Trump Wants Cane Sugar Coke: Will Soda Fans Pay Higher Prices and Taxes?

    July 27, 2025
    Top
    Cryptocurrency & Blockchain
    11 Mins Read

    Year of the stablecoin: The GENIUS Act, Wall Street, and the dollar’s digital leap

    Welcome to Slate Sundays, CryptoSlate’s new weekly feature showcasing in-depth interviews, expert analysis, and thought-provoking op-eds…

    Why Small Business Must Adopt AI

    July 27, 2025

    9 Best Travel Hair Dryers to Pack in Your Carry-On

    July 27, 2025
    Our Picks
    Cryptocurrency & Blockchain
    11 Mins Read

    Year of the stablecoin: The GENIUS Act, Wall Street, and the dollar’s digital leap

    Welcome to Slate Sundays, CryptoSlate’s new weekly feature showcasing in-depth interviews, expert analysis, and thought-provoking op-eds…

    Business & Entrepreneurship
    1 Min Read

    Why Small Business Must Adopt AI

    With a little curiosity and the right guidance, AI might just become your most powerful…

    Pages
    • About Us
    • Contact Us
    • Disclaimer
    • Homepage
    • Privacy Policy
    Facebook X (Twitter) Instagram YouTube TikTok
    • Home
    © 2025 Global News HQ .

    Type above and press Enter to search. Press Esc to cancel.

    Go to mobile version