According to local media reports, South Korean prosecutors recommended that South Korean prosecutors recommend a six-month prison sentence for former Democratic Party member of the House of Representatives 김남국 (Kimnam-ju) for concealing the cryptocurrency he owned. As a member of Congress, the fact that Jin Nanju holds cryptocurrency has always been known to the public. It can even be said that the large-scale suspicious transactions involved in the Jinnan Bureau prompted the creation of a bill requiring legislators to disclose their cryptocurrency holdings.
(Survey of South Korean congressmen’s holdings: Ten people bought $50 million in cryptocurrency in three years, but their declarations were inconsistent)
For hiding about 7.5 million mg of cryptocurrency, the prosecutor asked Jinnan Bureau for six months in prison
On the morning of the 18th, South Korean prosecutors requested a six-month prison sentence in the final judgment of the former member of the Kim Nam-bureau on the crime of obstructing the execution of official duties before Judge Jung Woo-yong at the Seoul Southern District Court. In this regard, the prosecutor said: "The defendant did not declare his cryptocurrency holdings and used deceptive means to interfere with the National Assembly's Public Employees' Ethics Committee's review of the assets of members of Congress."
The former member of the Jinnan Bureau was accused of transferring part of the cryptocurrency deposits to bank deposit accounts and converting the remaining deposits to crypto in order to conceal the huge gains he made through cryptocurrency investments during the two congressional property declarations in 2021 and 2022. currency, thereby circumventing the detailed review of property changes by the Congressional Public Employees Ethics Commission.
Prosecutors believe that the former lawmaker Kim Nam-gu concealed approximately 9.9 billion won (approximately 6.8 million magnesium) of cryptocurrency deposits during the property declaration process in 2021, and only declared a total property of approximately 1.2 billion won. In 2022, approximately 990 million won (approximately 680,000 mg) was concealed in the same manner.
Still listening to Stacks AMAs during martial law? The community joked that they need to pledge for six months
The South Korean government has required companies and about 5,800 senior civil servants to disclose cryptocurrency assets, and this information will be made public through the government's "Public Ethics and Transparency Initiative" system.
(South Korea announces the cryptocurrency holdings of senior civil servants to improve political transparency)
The case of former member of the National Assembly Kim Nam-gyu is the case of the National Assembly Public Officials Ethics Committee. According to Article 4 of the (Public Officials Ethics Act), senior public officials, including members of the National Assembly, must report to the National Assembly Public Officials Ethics Committee (국회공직자윤리위원회) every year. Its property types include real estate, stocks, bonds, cash deposits and other valuable assets. Cryptocurrency has also been expanded and interpreted as a type of property, so it must be declared.
Interestingly, the Crypto Broker (포장마차) channel previously revealed that Kim Nam Bureau was listening to the Stacks DeFi Show AMA when South Korea was under martial law. He also joked that Stacks had been in jail for six months, but in fact this type of misdemeanor should be punishable by a fine.
This article A former South Korean congressman who listened to the cryptocurrency AMA despite martial law was sentenced to six months in prison for concealing cryptocurrency assets first appeared on Chain News ABMedia.