South Korea Seizes $184 Million in Crypto Assets from Tax Dodgers, Reports Revealed – Taxes Bitcoin News – Rayrice Forex News

South Korea Seizes $184 Million in Crypto Assets from Tax Dodgers, Reports Revealed – Taxes Bitcoin News

South Korea’s government has seized $184 million worth of cryptocurrency in tax arrears over two years, local media reported. Seoul authorities will begin confiscating virtual assets from people accused of tax evasion in 2021.

About 260 billion in Crypto has been seized in South Korea for tax evasion.

The amount of crypto assets from South Koreans accused of tax evasion has reached 260 billion Korean won (about $184 million at current exchange rates), online publications Yonhap News and Meekyung reported on Thursday.

The reports cited official numbers provided by the Ministry of Economy and Finance, the Ministry of Security and Public Administration, South Korea’s National Tax Service (NTS), and officials in 17 cities and counties.

Of the more than 259.7 billion won, more than 176 billion won were seized for non-payment of local taxes, and more than 84 billion won were seized for tax arrears in the country, according to news outlets.

About a third of that cryptocurrency is held in the capital Seoul (17.8 billion won), the city of Incheon (about $5.5 billion), and the rest in Gyeonggi Province (over 53 billion won). The South Korean government has allowed virtual assets to be owned in the second half of 2020.

Since then, the largest amount of crypto held by an individual was 12.5 billion won ($8.8 million). The man from Seoul failed to pay 1.43 billion won in local taxes and had holdings in 20 digital currencies, 3.2 billion in BTC and 1.9 billion in XRP.

This taxpayer chose to cover the obligation and asked to keep the crypto investment. When the Korean tax authority seizes a person’s currency account or assets, they sell the coins at the current exchange rate if the appropriate tax is not paid.

In early August, the information about the seized crypto was released after the NTS promised to take strict measures against tax evasion in virtual assets and platforms. Earlier this year, South Korea extended the 20% tax on crypto-related gains until 2025. The tax, which applies to capital gains above 2.5 million, was previously due to take effect in January 2023.

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amount, coin, confiscation, Crypto, crypto assets, cryptocurrencies, cryptocurrency, data, loss, numbers, seizure, South Korea, South Korea, tax, tax authority, tax evasion, tax service, taxes, taxpayers, virtual assets

Do you think the South Korean authorities will continue to seize crypto assets from taxpayers if they have outstanding obligations? Share your thoughts on the topic in the comment section below.

Lubomir Tasev

Lubomir Tasev is a tech-savvy Eastern European journalist who likes Hitchens’ quote, “Being a writer is not what I do, it’s who I am.” Apart from crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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