South Korean police have revealed an ongoing investigation into the source of leaked data about the govt’s upcoming cryptocurrency tax legal amendments. Social media users and personal blogs had revealed details of the changes before it had been even made official earlier this week.
In line with Kyunghyang Shinmun, the primary article featuring leaked data was revealed within a native state-themed website, that rapidly spread across the cryptocurrency communities, and was picked up by other media outlets too.
The Metropolitan Investigation Team of the Sejong District Police is leading the search into who leaked the complete details of Seoul’s plans. It’s not the primary time that native authorities have had to affect the leaking of crypto-related legal amendments.
Between 2017 and 2018, native media outlets ran a series of stories with details about the plans to manage the overheated crypto sphere within the country. The police acknowledged that officials from the Korean Customs Service and communication managers from the PM’s Office were involved within the leak.
New Policies To Be Implemented From Oct 2021
Following a Tax Development Review board meeting held earlier on 22nd July, the Ministry of Economy and Finance published its revised tax code detailing the new rules.
The bill includes a proposal to line a tax of 20% on crypto traders’ earnings, if they’re over $2,100 within a financial year.
Traders whose earnings are below $2,100 need not to pay any taxes, consistent with the bill. Other proposed amendments include classifying cryptocurrencies as “goods” instead of currencies.
If parliament approves the measures, they’re going to inherit new policies from October 2021.