In a situation involving crypto publication, a South Korean lawmaker is accused.

Kim Nam-guk, a senator from South Korea, has been cleared of all costs related to concealing his crypto holdings, the court ruling that he was not officially required to disclose digital assets under the government’s laws at the time.

According to a local media statement, Judge Jeong Woo-Yong of the Seoul Southern District Court’s 9th Criminal Division, on February 10, the jury found Kim guilty of obstructing people order by dishonesty.

According to the decision, Kim was not required to disclose digital assets in his advantage reports because they were not registered assets under the South Korean Public Service Ethics Act.

With the Ministry of Justice deciding to establish a permanent entity, the Joint Investigation Unit for Virtual Assets ( JIU) will have more authority and resources as South Korea intensifies its crackdown on crypto-related crimes.

Before South Korea enacted the Financial Action Task Force’s ( FATF ) Travel Rule, which requires crypto disclosure, the former Democratic Party member was accused of removing crypto profits from the books.

He allegedly falsely alleged to the Ethics Committee of the National Assembly, raising questions about potential conflicts of interest in economic policy.

They sought a six-month prison sentence, arguing that Kim had reported his total assets a$ 834, 000 ( 1.2 billion won ) in 2021, despite holding nearly$ 6.8 million ( 9.9 billion won ) in crypto.

Reeportedly, he had transferred resources between his banks and bitcoin accounts just before the December 31 charter deadline to meet prior-year reviews, the prosecutors said.

However, Judge Jeong dismissed the lawyer’s event, stating,” At the time, online property were not registered property according to the Public Service Ethics Act”.

It is not obvious that the National Assembly’s Committee on Ethics for Public Officials ‘ review power was hampered by dishonesty, the jury continued.

However, Judge Jeong didn’t fully preclude Kim, acknowledging that his property reports contained “inadequate or misleading” information.

Given his previous support for a 20 % tax on crypto gains, concerns grow about whether his private crypto investments interfered with his parliamentary duties.

Although Kim was acquitted in the first test, lawyers may appeal to a higher court, keeping the case—and the debate over politicians ‘ bitcoin disclosures—alive.

Conversation Grows Adding to Crypto Tax Delay

The crypto tax in South Korea has been postponed once more, making it the next delay since it first became effective in 2020.

The Income Tax Act was amended last December, allowing for 2027 to be imposed on digital asset gains, according to the National Assembly.

The plan was to impose a 20 % tax on annual crypto income exceeding$ 1, 724 ( 2.5 million won ) starting in 2022, but repeated delays—driven by investor pushback and political divisions—have kept the policy from taking effect.

According to South Korea’s short-lived military legislation declaration, which predominated over other financial and parliamentary measures, efforts to strengthen cryptoregulations have also slowed.