The South Korean tax evaders parted with $47 million of crypto in the latest government seizure as we can see more in our latest cryptocurrency news today.
The authorities of South Korea seized crypto holdings of 12,000 people and also the locals received charges of tax evasion and 53 billion won or $47 million worth of ETH, BTC, and other digital assets were seized from them. After the long investigation, the official in the most populated South Korean Province targeted 12,000 wealthy residents for avoiding taxes. The British daily newspaper Financial Times reported that the South Korean authorities seized 53 billion of the local currency worth of the assets from tax evaders. Kim Ji-ye who is the director of the Gyeonggi Province Fairness Bureau that outlined that all Koreans will have to abide by the law and no exceptions were tolerated:
”We will do our utmost to protect law-abiding taxpayers and fulfill our fair taxation mandate by probing and tracing assets that tax dodgers may be concealing in the midst of the recent cryptocurrency trading fervor.”
Gyeonggi officials praised the operation as the biggest seizure for back taxes in the history of the country. They also added that the tax dodgers used local trading venues to hide the virtual assets. The famous TV host and doctor are among the 12000 wealthy Koreans with the confiscated digital assets. The Asian country is one of the most active markets in the world but the Korean officials have put strict legislation on dealing with digital assets. For example, the country’s financial regulator the Financial Services Commission announced more penalties for crypto exchanges based or operating in South Korea if they fail to comply with the AML rules.
The requirements are failure to report suspicious transaction activities, failure to keep data on transactions, and failure to keep separate management of customers’ transaction records. The Korean government planned on implementing a 20% tax on profits gained from digital asset trading a year later and most locals were in favor of this rule. The survey revealed that 54% of the poll participants backed up the taxation plans while about 38% were against them as it is worth noting that females and older Koreans were more supportive of the idea.