South Korean lawmaker Kim Nam-kuk was acquitted of charges related to concealing cryptocurrency holdings by a court ruling on February 10, 2025. The court found he was not legally required to disclose virtual assets at that time. Kim faced accusations of obstructing public duty by deceit after failing to report approximately $4.5 million in profits prior to the enforcement of the Financial Action Task Force's 'Travel Rule', which mandates the disclosure of crypto assets. Prosecutors alleged he concealed nearly $6.8 million in cryptocurrency while reporting only $834,000 in assets. However, Judge Jeong ruled that the Public Service Ethics Act at the time did not mandate such disclosures, and there was insufficient evidence to conclude that Kim obstructed the Ethics Committee’s review. Although acquitted in the first court instance, prosecutors have the option to appeal the decision. This case raises questions about potential conflicts of interest, as Kim, a National Assembly member, had influence over digital asset legislation.

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