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South Korean Politician to Sell Cryptocurrency Holdings Amid Conflict of Interest Allegations

South Korean lawyer and politician Kim Nam-kuk has announced that he will sell his cryptocurrency holdings following allegations of a conflict of interest.

The Democratic party, to which he belongs, will investigate whether he complied with local requirements when acquiring the tokens. The party has urged Nam-kuk to sell his approximately 800,000 Wemix coins amid claims that he may have used insider information to acquire them.

The investigation will initially focus on Nam-kuk, but could later affect other members of the party. The South Korean government has delayed the implementation of a 20% levy on gains made from cryptocurrency trading until 2025.

WEMIX WEMIX $1.23
-0.11%
South Korean Cryptocurrency
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