South Korean media, Democratic Party MP Kim Nam-kukreportedly co-sponsored a bill that aims to defer taxation on crypto profits.
South Korea’s financial watchdog reported a series of crypto transactions by an opposition lawmaker to local prosecutors, sparking anger within the country over a potential conflict of interest. According to CoinDesk Korea, Representative Kim Nam-kuk of the Democratic Party of Korea from late February to early March 2022 800,000 WEMIXalleged token withdrawals and transactions Financial Services Commissionreported to the Financial Intelligence Unit (FIU).
Who Claims He Didn’t Turn Assets Into Cash
Kim’s WEMIX assets were recorded at 6 billion won between January and February 2022. The report stated that the FIU classified the withdrawals as suspicious transactions and reported it to the prosecutor’s office.
South Korea implemented the global standard-setting FATF’s travel rule on March 25, 2022, shortly after Kim processed the withdrawals. The travel rule requires exchanges to collect personal data about transactions and notify authorities when they exceed a certain threshold.
According to the report, Kim said he did not cash out his tokens and did not violate any laws.
South Korea’s Civil Service Code of Ethics There is no reporting requirement for virtual assets. WEMIX was scrapped from major exchanges in South Korea last year for allegedly reporting false circulating supplies. Issuing company WeMade, challenged the delisting in court, but this attempt was unsuccessful.
CoinDesk KoreaAccording to the news of Kim, in July 2021 Income Tax LawHe had co-sponsored a change in .
And also South Koreaplans to tax income from the transfer or lending of virtual assets, as well as income from crypto 2025postponed to the next year.
