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South Korean Lawmaker Probed for Liquidating $4M in Crypto Prior to Travel Rule Enforcement

South Korean National Assembly member Kim Nam-kuk allegedly sold over $4 million worth of cryptocurrency before the country implemented the Financial Action Task Force's 'Travel Rule'. The Korea Financial Intelligence Unit is investigating Kim for trading approximately $4.5 million in crypto assets before the Travel Rule was enforced in March 2022.

Kim denies any conflicts of interest, stating that he transferred the assets to another exchange and was not required to report such activity. As a lawmaker, Kim had a hand in creating laws related to digital assets, including a proposal to defer a 20% tax on crypto gains from 2023 to 2025. The report comes as the US considers barring members of Congress from investing in stocks and digital assets.

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