South Korea Seizes $184 Million in Crypto Assets From Alleged Tax Dodgers, Reports Reveal – Taxes Bitcoin News

The federal government in South Korea has seized cryptocurrency value round $184 million in two years because of tax arrears, based on native media. The authorities in Seoul began confiscating digital belongings from folks accused of tax evasion in 2021.

Nearly 260 Billion Gained in Crypto Seized for Tax Evasion in South Korea

The quantity of crypto belongings seized from South Koreans accused of dodging taxation has reached virtually 260 billion Korean received (near $184 million at present trade charges), the web editions Yonhap News and Maekyung unveiled on Thursday.

The stories quote official numbers offered by the Ministry of Economic system and Finance, the Ministry of Safety and Public Administration, the Nationwide Tax Service (NTS) of South Korea, and the authorities in 17 cities and provinces.

Out of the full exceeding 259.7 billion received, greater than 176 billion received of belongings have been seized because of non-payment of nationwide taxes, and over 84 billion received of crypto was seized because of native tax arrears, the information retailers detailed.

Practically a 3rd of that cryptocurrency was seized in capital Seoul (17.8 billion received), the town of Incheon (shut to five.5 billion received), and the remaining in Gyeonggi province (over 53 billion received). The South Korean authorities licensed the seizure of digital belongings within the second half of 2020.

The very best quantity of crypto seized from a single particular person since then was 12.5 billion received ($8.8 million). The individual, a resident of Seoul, didn’t pay 1.43 billion received in native taxes and had holdings in 20 digital currencies, together with 3.2 billion received in BTC and 1.9 billion received in XRP.

This taxpayer opted to cowl his obligations and requested to maintain the crypto funding. When the Korean tax authority seizes an individual’s trade account or their belongings, it sells the cash on the present trade fee, if the due tax shouldn’t be paid.

The statistical information concerning the seized crypto has been launched after, in early August, the NTS vowed to take strict measures in opposition to tax evasion by way of digital belongings and platforms. Earlier this yr, South Korea postponed a 20% tax on crypto-related good points till 2025. The levy, relevant to capital good points exceeding 2.5 million received, was beforehand supposed to come back into pressure in January, 2023.

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Do you suppose South Korean authorities will proceed to grab crypto belongings from taxpayers with excellent obligations? Share your ideas on the topic within the feedback part beneath.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Japanese Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Moreover crypto, blockchain and fintech, worldwide politics and economics are two different sources of inspiration.

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