South Korean lawmaker acquitted in case of concealing cryptocurrency assets

According to Cointelegraph, a South Korean court has ruled that South Korean lawmaker Kim Nam kuk is not guilty of concealing cryptocurrency holdings and has not been found guilty of obstructing official duties by deception, as South Korean law did not require him to disclose virtual assets at the time. Previously, he was accused of liquidating cryptocurrency assets and failing to declare approximately $4.5 million in profits before implementing the FATF travel rules in South Korea. Prosecutors accuse Jin Nanguo of intentionally concealing his cryptocurrency holdings with the intention of interfering with the congressional ethics committee's review of his finances. They claim that Jin Nanguo holds nearly 9.9 billion Korean won (6.8 million US dollars) in cryptocurrency, but falsely claimed its total assets to be 1.2 billion Korean won (834000 US dollars) in 2021, which may constitute a conflict of interest. However, Judge Jung Yoo yong ruled that at the time, South Korean law did not require disclosure of virtual assets, making it difficult to determine whether Kim Nam nam was obligated to disclose his assets. The court also pointed out that although the ethics committee was unable to determine Jin Nanguo's total assets, there was no clear evidence to suggest that its review power was hindered by fraudulent behavior. The court concluded that there is a lack of criminal evidence in this case. Although Jin Nanguo was acquitted in the first instance, the prosecutor can still appeal to a higher-level court.