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South Korea’s parliamentary ethics subcommittee has voted down a movement to expel Kim Nam-kuk, a former member of the primary opposition Democratic Celebration.
A parliamentary ethics subcommittee of South Korea has voted down a movement to expel Kim Nam-kuk, a former member of the primary opposition Democratic Celebration (DP), the native information company Yonhap reported on Aug. 30.
The subcommittee rejected the proposal on Aug. 29 after the ruling Individuals Energy Celebration (PPP) and the DP divided evenly over the movement in a 3-3 vote. A majority of votes was wanted for the movement to be handed, the report notes.
As beforehand reported, Kim got here beneath fireplace earlier this 12 months when he was discovered to have as soon as held at least $4.5 million in Wemix (WEMIX) tokens, developed by the South Korean blockchain recreation developer Wemade. Wemix tokens have been allowed for buying and selling on main exchanges in South Korea earlier than a neighborhood court ordered to delist the tokens on the platforms in late 2022.
Kim’s involvement in WEMIX investments spurred main issues over potential conflicts of curiosity, utilizing insider info and even cash laundering. The case contributed to the speedy growth of a authorized initiative to require officials to report on their holdings of cryptocurrencies like Bitcoin (BTC) in South Korea.
Officers in South Korea should not alone in being requested to report on their cryptocurrency holdings within the nation. In July, South Korea’s Monetary Providers Fee introduced a brand new invoice that may require all firms that issue or hold cryptocurrencies to reveal their holdings from 2024.
Associated: SEC seeks to question Terraform Labs co-founder Daniel Shin in Korea
In mid-August, the South Korean metropolis of Cheongju additionally stated that it’ll start confiscating cryptocurrency from native tax delinquents, requiring exchanges like Upbit and Bithumb to report on such perpetrators.
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