South Korea’s parliamentary ethics subcommittee voted down a motion to expel Kim Nam-gook, a former member of the main opposition Democratic Party.
South Korea’s parliamentary ethics subcommittee voted down a motion to expel Kim Nam-gook, a former member of the main opposition Democratic Party (DP) (local news agency Yonhap). report August 30th.
The proposal was rejected by a subcommittee on Aug. 29 in a 3-3 split between the ruling People’s Power Party and the Democratic Party. The report states that the motion needs a majority vote to pass.
As previously reported, Kim came under criticism earlier this year when he was found to have held at least $4.5 million in Wemix (WEMIX) tokens, developed by South Korean blockchain game developer Wemade. Wemix tokens have been approved to trade on major South Korean exchanges before a local court ordered the tokens to be delisted from those platforms by the end of 2022.
Kim’s involvement in the WEMIX investment raises serious concerns about potential conflicts of interest, use of inside information, and even money laundering. The case has spurred rapid development of a legal initiative requiring South Korean officials to report their holdings of cryptocurrencies such as bitcoin (BTC).
South Korean officials are not the only ones being asked to report their cryptocurrency holdings in the country. In July, South Korea’s Financial Services Commission announced a new bill requiring all companies that issue or hold cryptocurrencies to disclose their holdings from 2024.
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In mid-August, South Korea’s Cheongju city also said it would start confiscating cryptocurrencies from local tax owers and required exchanges such as Upbit and Bithumb to report such perpetrators.
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