A member of the South Korean national legislature could possibly face imprisonment for allegedly misdeclaring his cryptocurrency holdings.
State prosecutors recommended that the legislator be sentenced to a six-month jail time for not disclosing a significant portion of his crypto assets, and failing to adhere to the South Korean policy on transparency and accountability of public servants.
Prison Sentence
A state penitentiary might be awaiting Kim Nam-kook, a member of the South Korean National Assembly, for non-disclosure of all his cryptocurrency holdings, violating the country’s code of ethics for public officials.
State prosecutors accused Kim of deliberately failing to report his cryptocurrency holdings, alleging that he intentionally concealed owning a substantial amount of digital assets.
During a legal proceeding, the prosecution team asked Judge Jeong Woo-yong of the 9th Criminal Division of the Seoul Southern District Court to sentence the former Democratic Party legislator to six months of imprisonment.
Source: Bloomberg images
According to the South Korean prosecutors, Kim erroneously declared his crypto assets, suggesting that the lawmaker should be charged with obstruction of official duties.
The public prosecutors claimed that “the defendant intended not to declare the coins he owned.”
“He obstructed the National Assembly Ethics Committee’s review of the National Assembly member’s assets in a false manner,” the prosecution team added.
A South Korean congressman was sentenced to six months in prison by prosecutors for concealing his cryptocurrency holdings. He concealed cryptocurrency assets equivalent to 9.9 billion won (6.8M USD) and 990 million won (680K USD) in 2021 and 2022, violating the obligation of…
— Wu Blockchain (@WuBlockchain) December 18, 2024
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Author: Christian Encila
