South Korea's financial watchdog has reported a series of potentially suspicious crypto transactions by an opposition party lawmaker, Rep. Kim Nam-kuk, to local prosecutors. Kim allegedly withdrew 800,000 WEMIX tokens between late February and early March 2022, and the Financial Services Commission's Financial Intelligence Unit (FIU) classified the withdrawals as suspicious transactions. Kim denies any wrongdoing and there is no reporting requirement for virtual assets in South Korea's Public Service Ethics Act. WEMIX was delisted from major exchanges in South Korea last year for allegedly reporting inaccurate circulation supply figures. Kim had co-sponsored an amendment to the Income Tax Act in July 2021, which included a provision to defer taxation on virtual assets. South Korea has postponed plans to tax income from crypto and income from the "transfer or lending" of virtual assets to 2025.

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