South Korea's Parliamentary Subcommittee Rejects Motion to Expel Former Democratic Party Member Country Takes Steps Towards Greater Cryptocurrency Transparency
Summary:
South Korea's parliamentary ethics subcommittee has rejected a proposal to expel former Democratic Party member Kim Nam-kuk, who faced allegations of involvement in Wemix tokens and potential conflicts of interest. The case has led to calls for officials to disclose their cryptocurrency holdings, and both the Financial Services Commission and the city of Cheongju have taken steps to promote transparency in the cryptocurrency industry.
South Korea's parliamentary ethics subcommittee has dismissed a proposal to expel Kim Nam-kuk, a former member of the Democratic Party, according to local news agency Yonhap. The motion failed to pass after a 3-3 tie vote between the ruling People Power Party and the Democratic Party. Kim faced criticism earlier this year for his involvement in Wemix tokens and allegations of conflicts of interest and money laundering. This case has prompted calls for officials to disclose their cryptocurrency holdings in South Korea. The Financial Services Commission has also announced a bill requiring firms to disclose their cryptocurrency holdings from 2024. The city of Cheongju has further taken steps to seize cryptocurrency from tax delinquents.
Published At
8/30/2023 10:22:46 AM
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