Former South Korean lawmaker Kim Nam-guk is facing allegations of concealing cryptocurrency assets worth 9.9 billion won (approximately 6.8 million USD) in asset declarations for 2021 and 2022. He is accused of converting cryptocurrency assets into a bank account to hide profits, raising controversy over cryptocurrency regulations in South Korea.

🌐 Kim's case comes as South Korea prepares to implement cryptocurrency taxation in 2025, after several delays. The new regulations will raise the tax exemption threshold, reducing the number of affected investors.

📈 Meanwhile, the South Korean cryptocurrency market witnessed a record trading volume of 34.6 billion USD on December 3rd, with XRP leading. Bitcoin also experienced a "flash crash" but quickly recovered.