{"id":2200963,"date":"2023-05-10T08:00:37","date_gmt":"2023-05-09T23:00:37","guid":{"rendered":"https:\/\/koreapro.org\/?p=2200963"},"modified":"2023-05-09T18:32:25","modified_gmt":"2023-05-09T09:32:25","slug":"democratic-party-demands-apology-over-lawmakers-crypto-investment","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/05\/democratic-party-demands-apology-over-lawmakers-crypto-investment\/","title":{"rendered":"Democratic Party demands apology over lawmaker\u2019s crypto investment"},"content":{"rendered":"

The controversy surrounding Democratic Party (DP) lawmaker Kim Nam-kuk\u2019s virtual currency investment continues to grow, with increasing demands from within the party for an additional explanation and a public apology. Local media <\/span>reported<\/span><\/a> that the Financial Intelligence Unit (FIU), South Korea\u2019s financial crime watchdog, identified potential irregularities last year in Kim\u2019s cryptocurrency trading and subsequently provided related data to the prosecution.<\/span><\/p>\n

Kim has faced significant media attention over the past few days after it was discovered that he possessed approximately 800,000 Wemix coins in his digital wallet between January and February last year, which were valued at about $4.5 million (6 billion won) at the time. It is alleged that he withdrew all the coins from his digital wallet prior to the implementation of the <\/span>Travel Rule<\/span><\/a> in March last year. This rule mandates virtual asset brokers or market operators to report the identities of sellers and buyers to financial authorities for transactions valued at $750 (1 million won) or more.<\/span><\/p>\n

Kim has maintained his innocence, <\/span>claiming<\/span><\/a> that he traded transparently and legally. However, <\/span>senior DP lawmakers<\/span><\/a> have publicly criticized Kim, calling for an apology and full disclosure of relevant information. The DP plans to hold a party meeting this Sunday to discuss various issues, including Kim Nam-kuk\u2019s cryptocurrency holdings.<\/span><\/p>\n

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Why It Matters<\/b><\/p>\n

The controversy around Kim Nam-kuk\u2019s virtual currency investment has been intensifying since news of it broke. While no evidence has been yet found to determine whether or not Kim engaged in insider trading, his position as a lawmaker has invited scrutiny in a country where many young people have reportedly gone into <\/span>debt<\/span><\/a> because of cryptocurrency investments.<\/span><\/p>\n

Democratic Party lawmakers have grown increasingly vocal in their condemnation of their colleague, as negative perceptions of Kim\u2019s cryptocurrency holdings might paint the entire party in a bad light. Parliamentary elections are less than a year away, and DP lawmakers are keen to avoid losing support from <\/span>young<\/span><\/a> voters.<\/span><\/p>\n

Additionally, the controversy surrounding Kim will likely serve as an impetus for lawmakers to revise the <\/span>Public Servants Ethics Act<\/span><\/a>, as virtual assets are currently not included in the property registration items.<\/span><\/p>\n

Domestic Politics<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"

The controversy surrounding Democratic Party (DP) lawmaker Kim Nam-kuk\u2019s virtual currency investment continues to grow, with increasing demands from within the party for an additional explanation and a public apology. Local media reported that the Financial Intelligence Unit (FIU), South Korea\u2019s financial crime watchdog, identified potential irregularities last year in Kim\u2019s cryptocurrency trading and subsequently […]<\/p>\n","protected":false},"author":10407,"featured_media":2200964,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[27],"class_list":["post-2200963","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-domestic-politics"],"yoast_head":"\nDemocratic Party demands apology over lawmaker\u2019s crypto investment - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/05\/democratic-party-demands-apology-over-lawmakers-crypto-investment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Democratic Party demands apology over lawmaker\u2019s crypto investment - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"The controversy surrounding Democratic Party (DP) lawmaker Kim Nam-kuk\u2019s virtual currency investment continues to grow, with increasing demands from within the party for an additional explanation and a public apology. 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