The South Korean legislator, Kim Nam Cook, was recently cleared of allegations that he had “concealed” the descendants of encrypted currency. The issue focused on whether the South Korean laws at the time of the alleged concealment require him to declare his property.
According to the latest a report One of the local media in South Korea, which chose Biz, Judge Jeong Woo Young from the Southern Seoul County Court found that virtual assets are not subject to mandatory examination under the Public Service Ethics Law during the period concerned.
Detail the background of the case
Kim was accused of failing to report the profit of cryptocurrencies that amount to about $ 4.5 million before South Korea started applying the “travel base” of the financial business squad, which requires assets detection. Read the Biz Al -Mukhtar report:
Kim is accused of transferring part of the deposits in the account of virtual assets before standard date (December 31 of each year) during the period of announcing the assets of the National Assembly 2021-2022 to the account of bank deposits in order to match the total groups of similar assets with the previous year, and the use of the remaining deposits to buy currencies Metal.
It is worth noting that critics claimed that Kim’s actions were aimed at obstructing the ethical committee of the National Assembly from reviewing the financial disclosures of the legislators accurately.
However, the court decided that there was “insufficient evidence” to prove the deliberate intervention or that Kim was on a legal duty to reveal his encrypted possessions. The local media wrote to report this:
Judge Jeong Woo Young of the ninth criminal section of the Southern Soul County Court for once Kim was not guilty of obstructing the general duty by deceiving from 2 pm on that day.
It should be noted that this ruling concluded a case that sparked a major political and general audit, which prompted Kim to move away from the Democratic Party to alleviate the effect of the controversy on his colleagues.
Legal context and political effects
Judge Jeong noted that although the total total assets of Kim had reduced its actual value, the lack of legal requirements for declaring cryptocurrencies means that no laws have been violated.
Moreover, the court did not find any clear evidence that Kim’s omission in his encrypted property deliberately impeded the ability of the Ethics Committee to review the assets of legislators. Despite his acquittal, the Kim case has sparked a discussion about the holders of the legislators and their transparency in the era of the encrypted currency.
Critics have argued that keeping the assets of large encrypted currencies can make a conflict of interests, especially since Kim had previously supported legislation that was delayed by 20 % proposed. A tax on encryption gains.
Although Kim denied any violations, the controversy highlighted the need for the clearest regulations controlling the cryptocurrencies of public officials.
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