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South Korea’s former lawmaker may face six months for hiding 6.8 million USD in crypto assets

Kim’s Concealment and Legal Consequences: Kim Nam-guk allegedly hid 9.9 billion won in crypto from 2021 to 2022. Despite declaring 1.2 billion won in assets, he concealed nearly 10 billion won, raising concerns about transparency among public figures’ cryptocurrency activities.

Need for Regulation in Cryptocurrency Sector: The Korea Exchange Chairman, Jeong Eun-bo, emphasizes the necessity to regulate cryptocurrencies. He warns that failure to do so may cause South Korea to lag behind globally in economic competitiveness, especially as crypto outpaces traditional stock markets.

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