Seoul’s Tax Officials Seize $25 Million in Cryptocurrencies

In Seoul, law enforcement agencies announced that they had seized $22 million worth of digital assets from several company heads and individual investors. The Korea Times reported that the officials confiscated the cryptocurrency from people designated as tax delinquents by Seoul’s tax collection agency.

Under South Korean law, the government agencies have made real name trading compulsory, and they can ask for customers’ details from domestic digital asset exchanges. Not only that, but the country’s top business official must also strictly adhere to the state-issued guidelines. Otherwise, they could face years in jail.

Meanwhile, the NTS stated that as many as 676 people were identified as tax evaders, owing nearly $25 million in taxes. Since the seizure, however, about 118 individuals have remitted $1 million to the city government. The city tax authority said,

We believe the taxpayers expect the value of their cryptocurrencies to increase further due to the recent spike in the price of cryptocurrencies and have determined they will gain more from paying their delinquent taxes and having the seizure released.

Out of the crypto seized by the authorities, the world’s famous crypto coin Bitcoin accounted for almost nineteen percent, and other popular tokens include Ripple’s XRP, Ethereum, and DragonVein. Previously, the NTS had revealed its plans to dig further into the crypto tax scam and maintained that it would target individuals with more than $8,000 in defaults.

Meanwhile, next year, the government will impose a new crypto tax law, imposing a whopping twenty percent tax on earnings of more than $2,300.

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