South Korea seizes crypto assets from wealthy tax evaders

TV presenters and doctors are one of the thousands of wealthy Koreans whose cryptocurrencies have been seized by taxes as crackdowns intensify in one of the world’s most active markets for digital asset trading.

More than 53 billion won ($ 47 million) of Bitcoin, Ethereum and other crypto assets have been accused of tax evasion after a month-long investigation, according to officials from the Gyeonggi-do government, which oversees the Great Seoul region. It was confiscated from a person.

Governments around the world Cryptocurrency regulation In response to the long-standing boom of Unregulated trading and mining.. Bitcoin plunged over $ 60,000 on a roller coaster this year. Less than $ 30,000 this month.

“We protect legally compliant taxpayers and fulfill our fair tax obligations by investigating and tracking assets that tax evaders may be hiding in the recent frenzy of cryptocurrency trading. I will do my best to do this, “said the Gyeonggi Province Fair Bureau.

The seizure is the latest in a series of measures, following a more extensive investigation of the taxes owed by about 140,000 people. Strengthen surveillance Analysis of the crypto market by South Korean financial regulators.

Gyeonggi officials said this was “the largest back-tax cryptocurrency foreclosure in South Korea’s history” and that local exchanges were used to hide assets because they did not collect the account holder’s resident registration number. Stated.

To track account details on crypto exchanges, investigators compared mobile numbers registered by tax evaders.

According to officials, the case included: The “famous home shopping channel show organizer” has a tax of 20 million won, but holds 500 million won in Ethereum and other cryptocurrencies. A real estate owner of about 30 homes who borrowed 30 million won for income tax and owned 1.1 billion won for crypto assets. And a doctor who did not pay about 17 million won for late tax but owned 2.8 billion won with Bitcoin.

Authorities added that if “habitual and major tax evaders” do not voluntarily pay late taxes, they will begin bankruptcy and liquidation proceedings for their assets.

Many of South Korea’s 60 crypto exchanges are fighting to meet regulatory requirements to operate after September.

The regulator, the Financial Services Commission, has set a deadline for Korean exchanges to partner with local banks to open clients’ real-name accounts. However, local lenders are resisting partnerships with a number of smaller exchanges for fear of being exposed to money laundering and other financial crimes.

The South Korean government is also planning to impose a new income tax on cryptocurrency transactions.

Additional report by Kang Buson and Son Jeong Ah in Seoul

South Korea seizes crypto assets from wealthy tax evaders

Source link South Korea seizes crypto assets from wealthy tax evaders

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