South Korean police investigate who leaked the cryptotax bill

South Korean police have launched an investigation into the source of the leaked information about the government’s new crypto tax law amendments. Users of social networks and private blogs have revealed details of the changes before it becomes official this week.

According to Kyunghyang Shinmun, the first article with leaked information was published on a state-run site, which quickly spread to the crypto communities, and was picked up by other media.

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The Sejong District Police Metropolitan Investigation Team is leading the search for who leaked all the details of Seoul’s plans. This is not the first time that local authorities have had to deal with the leak of legal changes related to crypto currency,

Between 2017 and 2018, the local media published a series of reports with details on plans to regulate the overheated cryptosphere within the country. Police discovered that officials from the Korean Customs Service and communication managers from the Prime Minister’s Office were involved in the leak.

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The bill must first be passed
Following a meeting of the Fiscal Development Review Committee on 22 July, the Ministry of Economy and Finance published its revised tax code detailing the new rules.

The draft law includes a proposal to establish a 20% tax on the profits of Bitqt traders if they exceed USD 2,100 during a fiscal year.

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Traders whose profits are less than USD 2,100 will not have to pay taxes, according to the bill. Other proposed amendments include classifying crypto-currencies as „goods“ rather than currencies.

If parliament approves the measures, they will take effect in October 2021.