• Thu. Apr 25th, 2024

$22 Million worth Cryptocurrencies Seized by Seoul Government from Tax Evaders

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Apr 22, 2021

The Seoul Government from South Korea, the country’s capital, has made a huge announcement surrounding the cryptocurrency industry. The government has confirmed that they have managed to seize a large number of cryptocurrencies.

The government has confirmed that their authorities have seized around $22 million worth of cryptocurrencies from the heads of the companies as well as individuals.

One of the local media sources “Korea Times” has shared a report around the seized cryptocurrencies. The report confirms that the cryptocurrencies they have seized are from people who were identified as tax evaders.

These individuals as well as companies tried to hide/conceal their cryptocurrency assets from the government. However, they were not able to play hide and seek for long with the digital assets and ended up getting caught by the tax collection agency.

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According to the report from the tax collection agency from Seoul, there were more than a thousand individuals, which the agency identified were not paying their taxes on cryptocurrencies.

The agency confirmed that to be precise, a total of 1,566 individuals were dealing in cryptocurrencies but were trying to conceal them in order to evade taxes.

The agency stated that they found the same kind of phenomenon with companies that tried hiding their assets in cryptocurrencies. The investigation teams at the tax collection agency were concerned about the situation. They also stated they would carry out more inquiries and investigations as they are confident more cases of the same sort would emerge.

The tax collection agency has confirmed that after identifying the tax evaders, it has started going through the process of collecting taxes. So far, they have managed to collect $22 million worth of taxes from the responsible individuals and company executives.

The tax collection has confirmed that the tax money they have recovered is from three different cryptocurrency exchanges operating in South Korea.

Therefore, they will also be working with the relevant teams at the exchanges to ensure no stone is left unturned. They are going to run thorough investigations on each South Korean individual and company linked with cryptocurrencies.

Their main goal is to ensure that every individual, company, or crypto-firm in the country adheres to the tax laws. They must also abide by any laws and regulations that are useful for cryptocurrency users as well as for the South Korean economy.

As part of the law, the cryptocurrency regulating authorities as well as the tax collection agencies in South Korea can reach out to crypto firms and collect data from them.

The data the regulatory authorities can collect is the users’ cryptocurrency transaction information for records and tax-related concerns. Even the companies connected with cryptocurrency platforms are required to abide by the crypto-laws

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