Former South Korean lawmaker Kim Nam-guk has come under scrutiny over allegations of hiding cryptocurrency assets worth 9.9 billion won. 💼 Prosecutors are demanding 6 months in prison, claiming he concealed income from cryptocurrency by transferring it to bank accounts. This case highlights the importance of regulating cryptocurrencies in South Korea, where discussions are underway to introduce a tax on crypto assets starting in 2025.

Meanwhile, the cryptocurrency market in South Korea is booming, reaching a record trading volume of $34.6 billion. 📈 XRP has emerged as the leader, accounting for $28 billion in trading on Upbit. A sudden 30% drop in Bitcoin quickly recovered. These events coincided with the declaration of martial law, emphasizing instability and the need for regulation in the country.