South Korean lawmaker Kim Nam-kuk has left the Democratic Party over his alleged involvement in cryptocurrency dealings while legislating on digital assets. He plans to independently prove his innocence and relieve the party of the burden caused by the controversy. Despite his departure, Kim remains supportive of the political faction.
Kim, as an independent legislator, is committed to uncovering the truth behind the allegations. He vows to confront the media’s misrepresentations and stand against unfair political offenses.
By leaving the Democratic Party, Kim aims to ensure that the controversy surrounding his alleged crypto dealings does not impact the party during a critical time.
Kim’s departure reflects his determination to clear his name and continue his political pursuits.
On May 8th, the lawmaker was accused of liquidating over $4 million worth of crypto assets before the country started to enforce the “Travel Rule” from the Financial Action Task Force in March 2023. Authorities are still investigating the politician for alleged violations.
South Korea’s central bank, the Bank of Korea, has been intensifying its supervision of the cryptocurrency industry. On April 24th, the bank was granted the authority to investigate crypto-related businesses, empowering it to request transaction data from local cryptocurrency operators.
This move demonstrates the bank’s commitment to enhancing regulatory oversight and gaining greater visibility into the operations of cryptocurrency exchanges and other crypto-related entities within the country.