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| Rep. Kim Nam-kuk of the main opposition Democratic Party of Korea is seen answering questions from reporters at the National Assembly in Seoul, May 10. Yonhap |
The main opposition Democratic Party of Korea (DPK) has recommended Rep. Kim Nam-kuk sell off his cryptocurrency assets, and will launch an investigation into whether irregularities were involved in his coin trading, an official said Wednesday.
Kim has been under intense media and public scrutiny following revelations he had owned around 800,000 Wemix coins in 2021, worth around 6 billion won ($4.5 million) at that time, a massive amount that does not fit the frugal image of the first-term lawmaker.
"As we have recommended he sell off his cryptocurrency assets, we believe he will comply," senior party spokesperson Kwon Chil-seung told reporters after the party's leadership meeting Wednesday in the southeastern city of Daegu.
Kwon also said the party's secretary general, Rep. Kim Byung-kee, will lead an investigation.
"Outside experts with specialist knowledge could join the investigation if necessary because coins involve things hard for ordinary people to understand," Kwon said.
Kim is the only member of the DPK subject to the investigation, but the party's leadership is mulling expanding the investigation to all members, the spokesperson said.
Kim reportedly withdrew all the coins before last March, ahead of the enforcement of the so-called Travel Rule. The rule requires digital exchanges to report personal information when a transferred amount exceeds a 1 million won threshold.
Critics say Kim's asset holdings represent a conflict of interest, as he co-sponsored a bill proposing a delay of income taxation on virtual assets in July 2021. This was about six months before he withdrew his Wemix coins from the digital wallet.
Suspicions have also arisen over where the money came from and whether he used insider information.
Kim has claimed no irregularities were involved in his trading and disclosed some information on his transactions. (Yonhap)
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