South Korean Tax Agency Identifies Over 2,400 Evaders Who Used Cryptocurrenci...
South Korean authorities seem to be focusing on strengthening measures to combat tax evasion across the nation. The country’s tax watchdog profiled thousands of evaders that relied on cryptocurrencies to hide assets worth billions of Korean won. Evaders Hid a Total of $32.24 Million in Assets Per the Korea Herald, the National Tax Service of South Korea (NTS) identified 2,416 individuals who reportedly hid their assets in cryptos to bypass taxation. The agency stated that evaders used bitcoin (BTC), ethereum (ETH), ripple (XRP), among other cryptos, to avoid being scrutinized by the....
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South Korean authorities have identified thousands of tax evaders as part of an intensifying crackdown on tax dodging among crypto investors. Following a prolonged investigation, the government has reportedly seized cryptocurrency worth millions of dollars. Tax Agents Target Wealthy Tax Evaders in Greater Seoul Area More than 53 billion Korean won ($47 million) in crypto assets have been confiscated from 12,000 people who allegedly tried to hide money from the government. The funds were in bitcoin (BTC), ethereum (ETH) and other cryptocurrencies, Reuters reported quoting the government of....
Crypto tax evasion is becoming a hot potato for the authorities in some Asian countries, such as Japan and South Korea. A South Korean city is now actively fighting against tax evaders who are suspiciously reporting meager earnings in their filings. 511 Individuals in the Authorities’ Eyes According to Gugkje News, the authorities of Gyeongju, in North Gyeongsang Province, are aware of several possible cases of crypto tax evasion where individuals are reportedly hiding money into cryptocurrencies without reporting them before the tax authorities. As the new “Specific Financial....
Despite the South Korean Government’s deep interest in metaverse and web 3 technology, the country implements aggressive policies when it comes to regulations and taxation. As reported by local news outlet Yonhap News on Thursday, the South Korean Tax Authority has seized 260 billion won ($184.3 million) in crypto belonging to tax evaders. However, the […]
The government of Cheongju City, located in the central region of South Korea, is looking to confiscate virtual assets such as Bitcoin from tax evaders. According to a local media report on August 22, the city authorities sought cooperation from seven crypto exchanges, including Upbit and Bithumb, to punish these delinquents. These exchanges have been […]
A recent ban imposed by the South Korean National Police Agency will bar particular officers from purchasing additional cryptocurrencies. The announcement coincides with a report revealing a heightened domestic availability of digital coins, in comparison to the global marketplace. South Korea to Penalize National Police Agency Officers Who Fail to Disclose Crypto Holdings Officers with certain investigative and inspective responsibilities have been prohibited from buying additional cryptocurrency. Reporting on the Friday announcement suggests that Korean National Police Agency (KNPA)....