Crypto
South Korean Parliament Fires Motion to Oust Lawmaker Due to a Crypto Scandal
The respective motion seeks the dismissal of a former participant of the chief opposition Democratic Party. The subcommittee overruled the proposal to dismiss Kim NAM-KUK, on the 29th of August
The parliamentary ethics-related subcommittee of South Korea has voted on a motion. The respective motion seeks the dismissal of a former participant of the chief opposition Democratic Party. The subcommittee overruled the proposal to dismiss Kim NAM-KUK, on the 29th of August. This took place following the ruling People Power Party as well and the DP were equal with 3-3 vote. On the other hand, the motion required votes in a majority for approval.
South Korea’s Parliament Discards the Motion for the Dismissal of a Lawmaker
The previous reports pointed out that Kim came on the radar at the start of this year. At that time, he allegedly once conducted a minimum of $4.5M in Wemix (WEMIX) coins. Wemade, a developer of blockchain-based games in South Korea, is credited for making this token. Â Wemix coins trade on the well-known exchanges operating in the South Korean region.
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Kim’s engagement in the investments related to WEMIX ignited significant concerns considering likely interest-related conflicts. In this respect, he faces the allegations of utilizing insider information along with laundering money. The case played an important role in the swift advancement of legal endeavor.
Officials Receive the Instructions to Report Their holdings Concerning ETH and Bitcoin
This directs officials to make reports concerning their holdings related to Bitcoin and other crypto assets in South Korea. South Korean officials are not the sole ones who received the directive to report regarding the crypto holdings in the jurisdiction. Back in July this year, the Financial Services Commission of South Korea declared an exclusive bill.
It would direct the companies to hold or issue crypto assets to reveal their holdings, starting in the year 2024. In August this year, Cheongju City of South Korea also brought to the front that it will begin confiscating crypto assets from regional tax delinquents.
