Kim Nam-kuk, a former member of the main opposition Democratic Party in South Korea, has been spared from expulsion after a parliamentary ethics subcommittee voted down a motion to expel him.The subcommittee rejected the proposal on Aug. 29 after the ruling People Power Party (PPP) and the DP divided evenly over the motion in a 3-3 vote.Kim had come under fire earlier this year when it was revealed that he had held at least $4.5 million in Wemix tokens, developed by the South Korean blockchain game developer Wemade. This case has led to the development of a legal initiative to require officials to report on their holdings of cryptocurrencies like Bitcoin in South Korea.The Financial Services Commission of South Korea has also announced a new bill that would require all firms that issue or hold cryptocurrencies to disclose their holdings from 2024.In addition, the South Korean city of Cheongju has said that it will start confiscating cryptocurrency from local tax delinquents, requiring exchanges like Upbit and Bithumb to report on such perpetrators.

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Information	Details
Geography	Asia
Countries	🇨🇳
Sentiment	neutral
Relevance Score	8
People	Kim Nam-kuk, Daniel Shin
Companies	Wemade, Financial Services Commission, Wemix, People Power Party, Upbit, Bithumb
Currencies	WEMIX, South Korean Won, US Dollar, Ethereum, Bitcoin
Securities	None