Representative Kim Nam-Kuk, a lawyer and politician from South Korea, has agreed to sell his cryptocurrency assets in response to allegations of improprieties and a conflict of interest. The decision comes as Kim faces an investigation regarding the withdrawal of $4.5 million worth of WEMIX tokens. The Financial Intelligence Unit (FIU) of the Financial Services Commission has been informed of these transactions, raising concerns about a potential conflict of interest. The move to liquidate his bitcoin holdings aims to address public and media concerns. The South Korean government is also planning to impose a 20% tax on profits from cryptocurrency trading starting in 2022. The Democratic Party, to which Kim belongs, has declared its intention to conduct a comprehensive investigation into the allegations, potentially impacting other party members. The findings of the inquiry into Kim’s bitcoin trading activities will have broader implications for South Korea’s political and economic environment.

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Information	Details
Geography	Asia
Countries
Sentiment	neutral
Relevance Score	1
People	Kim Nam-kuk
Companies	Democratic Party, Financial Services Commission, National Assembly, Travel Rule, Korea Financial Intelligence Unit
Currencies	WEMIX
Securities	None