Crypto Victory South Korea Lawmaker Cleared

South Korean Lawmaker Acquitted in Crypto Disclosure Case

• Kim Nam-guk was acquitted of charges related to concealing crypto holdings.
• The court ruled that virtual assets were not required to be disclosed under South Korea’s laws at the time.
• Prosecutors alleged Kim misrepresented his wealth, reporting $834,000 while holding nearly $6.8 million in crypto.
• A six-month prison sentence was sought by prosecutors for obstruction of public duty by deceit.
• The ruling noted that Kim’s asset reports contained “inadequate or inaccurate” information but did not obstruct review authority.

Judge Jeong Woo-Yong acquitted Kim Nam-guk, stating virtual assets were not legally required for disclosure under South Korea’s Public Service Ethics Act. Prosecutors claimed he misreported his wealth, but the court found no legal obligation to declare crypto holdings at that time.