Regulation

Korean tax authorities seize $185M worth of crypto from tax evaders since 2021

South Korean authorities have seized roughly $185 million value of digital belongings from tax delinquents since 2021, Yonhap information company reported on Sept. 22.

Within the second half of 2020, tax authorities carried out a system of seizing the digital belongings of tax delinquents to stress them to pay taxes. The authorities seized the delinquents’ accounts or belongings primarily based on data obtained from the cryptocurrency exchanges.

If the delinquents don’t pay the taxes after the seizure of belongings, the authorities promote the cryptocurrencies at market costs to recoup the arrears.

The best quantity of digital belongings seized from a single delinquent stood at 12.49 billion received or $8.87 million. The Seoul resident held round 20 cryptocurrencies, together with $2.27 million value of Bitcoin (BTC) and $1.34 million value of Ripple (XRP), in line with the report. After the seizure, the person paid the taxes and requested that his belongings not be bought.

One other delinquent paid the taxes after the authorities seized $6.16 million value of digital belongings. Moreover, a person who owed $1.91 million in nationwide taxes had crypto belongings value $2.77 million seized.

The information was supplied by the Ministry of Technique and Finance, Ministry of Public Administration and Safety, Nationwide Tax Service, and different authorities companies.

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