SOUTH KOREAN EX-LAWMAKER FACES 6-MONTH PRISON SENTENCE OVER HIDDEN CRYPTO HOLDINGS!

A former South Korean lawmaker, Kim Nam-guk, is facing a six-month prison sentence for allegedly concealing substantial cryptocurrency holdings worth approximately $6.8 million between 2021 and 2022.

Kim is accused of deliberately omitting key financial details, including crypto profits of 1.2 billion won in 2021 and 990 million won in 2022, from his asset declarations.

To cover up these discrepancies, Kim allegedly transferred some of his crypto holdings into regular bank accounts, making it appear as though he had converted his digital assets into fiat currency.

This move aimed to prevent the Ethics Committee from identifying his profits.

The case highlights the increasing scrutiny of cryptocurrency ownership among public figures in South Korea. It also underscores the need for greater transparency and regulation in the crypto market.

In a related development, Jeong Eun-bo, chairman of the Korea Exchange, is urging South Korea to institutionalize cryptocurrency, emphasizing its growing influence and potential economic value.