South Korean parliament rejects motion to expel lawmaker over crypto scandal

South Koreas parliamentary principles subcommittee has voted down a movement to expel Kim Nam-kuk, a previous member of the main opposition Democratic Party.A parliamentary ethics subcommittee of South Korea has actually voted down a motion to expel Kim Nam-kuk, a previous member of the main opposition Democratic Party (DP), the regional news agency Yonhap reported on Aug. 30. The subcommittee turned down the proposal on Aug. 29 after the ruling People Power Party (PPP) and the DP divided equally over the movement in a 3-3 vote. A bulk of votes was needed for the motion to be passed, the report notes.As previously reported, Kim came under fire previously this year when he was discovered to have when held a minimum of $4.5 million in Wemix (WEMIX) tokens, established by the South Korean blockchain game designer Wemade. Wemix tokens have actually been enabled trading on major exchanges in South Korea before a regional court ordered to delist the tokens on the platforms in late 2022. Kims participation in WEMIX financial investments spurred significant issues over possible conflicts of interest, utilizing expert info and even money laundering. The case contributed to the fast advancement of a legal initiative to require authorities to report on their holdings of cryptocurrencies like Bitcoin (BTC) in South Korea.Kim Nam-kuk at a plenary session at the National Assembly in Seoul on Aug. 24, 2023. Source: YonhapOfficials in South Korea are not alone in being asked to report on their cryptocurrency holdings in the country. In July, South Koreas Financial Services Commission revealed a brand-new bill that would need all companies that issue or hold cryptocurrencies to divulge their holdings from 2024. Related: SEC looks for to question Terraform Labs co-founder Daniel Shin in KoreaIn mid-August, the South Korean city of Cheongju likewise said that it will begin taking cryptocurrency from regional tax delinquents, requiring exchanges like Upbit and Bithumb to report on such perpetrators.Magazine: Asia Express: Bitcoin miner gets life in prison, China offers bounties for crypto firms