Odaily Planet Daily News - South Korean Congressman Kim Nam-kuk may face six months in prison for allegedly concealing his cryptocurrency holdings from the government. He is currently on trial in Seoul. According to South Korean media Dong-A Ilbo, despite having 9.9 billion won in digital assets, Kim reported a total asset of 1.2 billion won in 2021 (approximately $834,356 as of the time of publication) and concealed cryptocurrency holdings worth 990 million won in 2022. Prosecutors stated that Kim "falsely obstructed the National Assembly's Ethics Committee's review of lawmakers' assets" because he failed to declare all of his cryptocurrency holdings. Holding such assets may pose potential conflicts of interest for elected officials. In 2023, there were allegations that Kim liquidated millions of dollars worth of cryptocurrency before South Korea began enforcing travel rules set by the Financial Action Task Force, subsequently leaving the Democratic Party of Korea. He claimed to have transferred the funds to another exchange, but he was not required to declare these assets to the government. (Cointelegraph)