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

South Korean authorities person seized astir $185 cardinal worthy of integer assets from taxation delinquents since 2021, Yonhap quality bureau reported connected Sept. 22.

In the 2nd fractional of 2020, taxation authorities implemented a strategy of seizing the virtual assets of taxation delinquents to unit them to wage taxes. The authorities seized the delinquents’ accounts oregon assets based connected accusation received from the cryptocurrency exchanges.

If the delinquents bash not wage the taxes aft the seizure of assets, the authorities merchantability the cryptocurrencies astatine marketplace prices to recoup the arrears.

The highest magnitude of integer assets seized from a azygous delinquent stood astatine 12.49 cardinal won oregon $8.87 million. The Seoul nonmigratory held astir 20 cryptocurrencies, including $2.27 cardinal worthy of Bitcoin (BTC) and $1.34 cardinal worthy of Ripple (XRP), according to the report. After the seizure, the idiosyncratic paid the taxes and requested that his assets not beryllium sold.

Another delinquent paid the taxes aft the authorities seized $6.16 cardinal worthy of virtual assets. Additionally, an idiosyncratic who owed $1.91 cardinal successful nationalist taxes had crypto assets worthy $2.77 cardinal seized.

The information was provided by the Ministry of Strategy and Finance, Ministry of Public Administration and Security, National Tax Service, and different authorities agencies.

The station Korean taxation authorities prehend $185M worthy of crypto from taxation evaders since 2021 appeared archetypal connected CryptoSlate.