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South Korea Seizes $184 Million in Crypto Assets from Tax Evasion Suspect

According to local media, the South Korean government has seized nearly $184 million worth of cryptocurrencies over two years due to tax arrears. Authorities in Seoul will begin confiscating virtual assets from people accused of tax evasion in 2021.

About 260 billion won in virtual currency seized for tax evasion in South Korea

The amount of crypto assets seized from South Koreans accused of tax evasion amounted to nearly 260 billion South Korean won (nearly $184 million at the current exchange rate), Yonhap News and Maekyung’s online editions said Thursday. Announced.

The report cites official figures provided by the Ministry of Economy and Finance, the Ministry of Security Administration, the South Korean National Tax Service (NTS), and 17 city and provincial authorities.

Of the total amount exceeding 259.7 billion won, more than 176 billion won was seized due to non-payment of national taxes, and more than 84 billion won of cryptocurrencies were seized due to delinquent local taxes, the news agency detailed.

Nearly a third of that cryptocurrency was seized in the capital Seoul (17.8 billion won), Incheon (nearly 5.5 billion won), and the rest in Gyeonggi Province (over 53 billion won). The South Korean government has approved the seizure of crypto assets in late 2020.

Since then, the highest amount of cryptocurrency seized from a single individual was 12.5 billion won ($8.8 million). This person lives in Seoul, has delinquent local taxes of KRW 1.43 billion, and held 20 digital currencies, including KRW 3.2 billion in BTC and KRW 1.9 billion in XRP.

The taxpayer chose to meet its obligations and asked to keep its cryptocurrency investment. If your personal exchange account or assets are seized by Korean tax authorities, we will sell your coins at the current exchange rate if your taxes are not paid.

The statistics on seized cryptocurrencies were released after the NTS pledged in early August to take tough measures against tax evasion through crypto assets and platforms. Earlier this year, South Korea delayed her 20% tax on cryptocurrency-related profits until 2025. The tax, which applies to capital gains over KRW 2.5 million, was scheduled to take effect in January 2023.

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Do you think South Korean authorities will continue to seize crypto assets from unpaid taxpayers? Share your thoughts on the matter in the comments section below.

Lubomir Tasev

Lubomir Tasev, a tech-savvy journalist from Eastern Europe, loves what Hitchens says. In addition to cryptocurrencies, blockchain, and fintech, international politics and economics are sources of inspiration.

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South Korea Seizes $184 Million in Crypto Assets from Tax Evasion Suspect

Source link South Korea Seizes $184 Million in Crypto Assets from Tax Evasion Suspect

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