Tax Agency Vows to Go Hard After Koreans Using Crypto to Evade Levies
South Korea’s tax administration has pledged to take strict measures against tax evasion through virtual assets and platforms. While the Korean government is yet to start taxing capital gains resulting from crypto investment and trading, authorities in Seoul claim cryptocurrencies have been actively used for money laundering. Korean Citizens Accused of Investing in Crypto Assets to Dodge Taxes The National Tax Service (NTS) of South Korea intends to take severe actions against tax evasion practices relying on virtual assets, such as cryptocurrencies, and platforms operating with....
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Opponents of the government’s plan to tax gains from cryptocurrency trading outnumber supporters among South Koreans in their 20s, a new survey shows. Representatives of other age groups are more open to the proposed taxation of investments in virtual assets. Nearly Half of Young Koreans Reject Tax on Crypto Profits According to the poll, a little more than half of South Koreans support the taxing of profits from cryptocurrency trading, local media reported on Monday. In numbers, 53.7 percent of the respondents back the authorities’ initiative to levy taxes on capital gains....
The FinCEN, an agency of the US treasury department, has informed all financial institutions that Russia may likely consider using cryptocurrency to evade sanctions associated with its military activities in Ukraine. The current director of FinCEN, Him Das, explained that proactive reporting of wary actions is part of the United States’ efforts to support Ukraine […]
G7 countries and the European Union are examining ways to stop the use of cryptocurrency by Russia to evade sanctions. “We should take measures to prevent listed persons and institutions from switching to unregulated crypto assets,” said Germany’s minister of finance.
G7 and EU Seek to Prevent Crypto Use to Evade Sanctions
The Group of Seven (G7) nations are reportedly examining ways to stop individuals and companies from using cryptocurrencies to circumvent Western sanctions following Russia’s invasion of Ukraine. The G7 countries comprise Canada,....
Russia could turn to cryptocurrency if it is banned from the SWIFT payments system. Analysts have warned that if Russia is able to use crypto to evade sanctions, “political support in the U.S. for crypto will fall and regulatory risk will rise.”
Crypto Faces Regulatory Risks if Used by Russia to Evade Sanctions
Amid growing talk of banning Russia from the SWIFT global interbank payments system after its invasion of Ukraine, some analysts have warned that Russian President Vladimir Putin could turn to cryptocurrency to evade sanctions.
“We....
South Korea’s “crypto boom” is a term that the local media has widely adopted to refer to the current hype seen across the Asian nation. In fact, a recent study unveiled a rising trend in the number of South Koreans making small-scale crypto investments. New Crypto Investors Seem Unafraid of Strict Regulations According to the “Virtual Currency App Market Analysis” research made by big data firm IGA Works, quoted by Edaily, almost 60% of the newest crypto investors in the country are aged 20-30. Remarkably, such a segment of traders often prefers to allocate....