PANews reported on February 10 that according to Cointelegraph, a South Korean court ruled that South Korean lawmaker Kim Nam-kuk was not guilty of concealing his cryptocurrency holdings, and ruled that he did not constitute the crime of obstructing public service by deception, on the grounds that South Korean law did not require him to disclose virtual assets at the time. Previously, he was accused of liquidating crypto assets and failing to declare approximately $4.5 million in profits before the implementation of the FATF "Travel Rule" in South Korea.

Prosecutors accused Kim of deliberately concealing his cryptocurrency holdings with the intent to interfere with the National Assembly Ethics Committee's review of his finances. They claimed that Kim held nearly 9.9 billion won ($6.8 million) in cryptocurrencies, but falsely stated in 2021 that his total assets were 1.2 billion won ($834,000), which could constitute a conflict of interest. However, Judge Jung Woo-yong ruled that Korean law did not require the disclosure of virtual assets at the time, making it difficult to conclude that Kim had an obligation to disclose his assets. The court also noted that although the ethics committee was unable to determine Kim's total assets, there was no clear evidence that its review power was obstructed by deception. The court concluded that there was a lack of criminal evidence in the case.

Although Kim was acquitted in the first trial, prosecutors can still appeal to a higher court.