- The new rule will be discussed by the National Assembly
- It will be introduced against the backdrop of a crypto-scandal with a politician
South Korean Prime Minister Han Dok-soo announced about the new initiative. They want to include cryptocurrency in the list of assets that are subject to declaration by officials. The issue will be discussed by the National Assembly in the near future.
“If you ask my personal opinion, I believe that such a rule should be adopted. And in addition to cryptocurrencies, introduce precious metals there as well.” the Prime Minister comments.
They want to adopt a new amendment after the scandal with MP Kim Nam Kook. Knowing about the imminent introduction of a tax on cryptocurrencies, he voted to postpone this law. It turned out that the politician had a large portfolio on local crypto exchanges. For example, he invested more than $4 million in Wemix coins, the native token of the local gaming company Wemade.
While the tax deferral was in effect, Cook quickly cashed out millions of dollars worth of cryptocurrency. Now he was accused of concealing income and expelled from the party. And the prosecutors are checking where the modest official has accumulated such capital. He faces an article for illegal campaign financing, concealment of income and tax evasion.
The other day, the police raided the Upbit, Bithumb and Kakao exchanges. They calculated wallets and transactions related to the politician. But, according to journalists, the raids were unsuccessful. The investigation into this case is ongoing.
