Former South Korean Lawmaker Acquitted in Virtual Asset Disclosure Case

According to Odaily, former South Korean Democratic Party lawmaker Kim Nam-guk has been acquitted in a trial concerning his failure to register substantial virtual assets with the National Assembly. The court ruled that under the Public Officials Ethics Act at the time, virtual assets were not classified as registrable assets, and thus, Kim was not obligated to disclose them. The court further noted that even if there were inaccuracies or omissions in property declarations, the National Assembly's Ethics Committee faced challenges in accurately assessing the total value of assets due to limitations in its review authority. In August of last year, Kim was accused of transferring funds from his cryptocurrency accounts to bank accounts before the 2021 and 2022 property declarations for lawmakers, allegedly obstructing the Ethics Committee's ability to monitor changes in his assets. As a result, he faced prosecution.