South Korean lawmaker quits party amid crypto investment controversy.

A lawmaker reportedly sold more than $4 million worth of cryptocurrency before the “Travel Rule” was enforced by the Financial Action Task Force in the country.

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Kim Nam-kuk, a lawmaker from South Korea, has stated that he is leaving the Democratic Party due to allegations of his involvement in cryptocurrency while working on legislation related to digital assets. He mentioned that he will independently continue his efforts to prove his innocence.

Kim mentioned that his departure from the party will ease the pressure on its members caused by the controversy. He believes that the party should not be affected by these issues during an important period. Although he is leaving the party, Kim made it clear that he will continue to support the political group.

Additionally, the politician expressed his determination to uncover the truth as an independent legislator. He stated, “I will persist until the end in fighting against unjust political accusations and uncovering the truth.”

Kim criticized the media for publishing reports about his involvement in cryptocurrency, claiming that the information was not accurate and lacking factual basis. He vowed to take strong action in response to these reports.

South Korean politician Kim Nam-kuk’s announcement translated to English. Source: Facebook

On May 8, the lawmaker faced accusations of selling more than $4 million worth of cryptocurrency before the country implemented the “Travel Rule” mandated by the Financial Action Task Force in March 2023. Authorities are currently investigating the politician for potential violations related to these allegations.

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South Korea’s central bank is increasing its efforts to regulate cryptocurrencies in the country. On April 24, the central bank was granted the authority to investigate businesses involved in crypto. This means the bank can now ask local cryptocurrency operators for transaction data.

In South Korea, there are ongoing research efforts for a digital currency issued by the central bank (CBDC) that can be used for offline payments. On May 15, Samsung Electronics joined hands with the central bank to conduct research specifically focusing on the offline functionality of this CBDC.

This information is for general knowledge only and should not be considered as advice for investing or making financial decisions.



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