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South Korean Official Escapes Charges for Hiding 6.8 Million USD in Crypto – Controversy Unresolved!
A South Korean judge has acquitted lawmaker Kim Nam-guk in a case involving the failure to fully disclose crypto assets worth 6.8 million USD. This incident continues to raise controversy regarding transparency in politics and regulatory compliance in South Korea.
🎭 Not Breaking the Law – But Is It Trustworthy?
According to a ruling by the Seoul Southern District Court on February 10, Kim Nam-guk did not violate the law by failing to disclose crypto because at that time, virtual assets were not considered mandatory to report under South Korea's Public Service Ethics Act.
Previously, prosecutors accused Kim of intentionally hiding the true amount of assets to evade the law, while also potentially causing a conflict of interest as he previously supported delaying a 20% tax on crypto profits. They suggested a 6-month prison sentence, but the court rejected it.

⚖ Consequences and Controversy
Despite being acquitted, Kim is still criticized for his asset declaration being “incomplete or inaccurate.” The case has also attracted attention as the South Korean government tightens regulations on digital currencies, turning the Virtual Asset Investigation Unit into a permanent investigative agency.

Additionally, the crypto tax in South Korea has been delayed for the third time. Originally planned to take effect in 2022, the 20% tax is now postponed until 2027, due to pressure from investors and political controversy.
💬 Are politicians exploiting legal loopholes for profit? Or is this just a misunderstanding? This case remains unresolved as prosecutors may continue to appeal!