South Korean National Assembly member Kim Nam-kuk is under investigation by the Korea Financial Intelligence Unit for reportedly trading around $4.5 million worth of crypto assets prior to the enforcement of the Financial Action Task Force’s “Travel Rule”. The lawmaker claims he transferred the assets to another exchange and was not required to report such activity. Kim was involved in proposing legislation for crypto taxation, which has been deferred until 2025, and denies any conflicts of interest. Critics accuse him of abusing his legislative power to protect his private assets. Meanwhile, the US is considering barring Congress members from investing in stocks and digital assets. South Korea was affected by the 2022 crypto market crash due to the alleged crimes of Terraform Labs co-founder Do Kwon, who is sought by South Korean authorities.
Kim Nam-kuk is under investigation by the Korea Financial Intelligence Unit