Law and Legislation

Seoul Tracking Crypto Tax Fraudsters – Seizes 676 Alleged Accounts.

Seoul has reportedly transformed itself as the primary city in South Korea to start cracking down on individuals who are allegedly hiding their assets digitally using crypto assets.

In line with an official report by the Yonhap press agency earlier today on Friday, the city’s tax collection department discovered crypto assets being held in three cryptocurrency exchanges belonging to 1,556 individuals as well as company heads.

The department has since seized around 25 Bln won [Around $22 Mln] in digital assets from 676 of the alleged perpetrators.

The 676 individuals reportedly owed the government 28.4 Bln won [$25.4 Mln] in overdue taxes. Around it,  676, 118 people have paid back 1.26 Bln won [$1.1 Mln].

As per the press release from the city, several are asking the city to permit them to pay their taxes instead of selling their seized crypto. “We believe the taxpayers expect the worth of their crypto assets to extend further due to the recent spike within the price of cryptocurrencies and have determined they’re going to gain more from paying their delinquent taxes and having the seizure released,” the statement outlined.

The city government will still pursue the remaining 890 people so as to reclaim any outstanding taxes being held in crypto assets.

Earlier on Monday, the country’s Office for Government Policy Coordination announced that it’ll begin cracking down on “illegitimate cryptocurrency businesses” also like all sorts of money laundering and scams involving cryptocurrencies. The move is in line with the recent pursuits by the country’s financial regulators targeting illegal activity involving crypto assets.

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