Kim Nam-guk, a former South Korean lawmaker, concealed approximately 9.9 billion won, or about 6.8 million USD, in crypto assets. He faces a six-month prison sentence as prosecutors reveal undisclosed profits of 1.2 billion won in 2021 and 990 million won in 2022.
His case raises significant concerns about cryptocurrency regulations in South Korea, especially with a new tax law set to commence in January 2025. This law seeks to redefine tax exemptions on crypto gains, impacting many investors as the market evolves.