South Korea Seizes $184 Million in Crypto Assets From Alleged Tax Dodgers, Re...
The government in South Korea has seized cryptocurrency worth around $184 million in two years due to tax arrears, according to local media. The authorities in Seoul started confiscating virtual assets from people accused of tax evasion in 2021. Almost 260 Billion Won in Crypto Seized for Tax Evasion in South Korea The amount of crypto assets seized from South Koreans accused of dodging taxation has reached almost 260 billion Korean won (close to $184 million at current exchange rates), the online editions Yonhap News and Maekyung unveiled on Thursday. The reports....
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The South Korean government has proposed an amendment to the tax code to allow the country’s tax authority to seize and sell cryptocurrencies belonging to delinquent taxpayers. “The revision will allow direct seizing without court-approved change in ownership records. Assets held by tax dodgers in the form of digital coins will no longer evade seizure and forfeiture,” said a government official. Korean Government Wants Ability to Seize and Sell Cryptocurrencies of Delinquent Taxpayers South Korea’s finance ministry announced the 2021 Tax Law Amendment Bill Monday,....
The government of South Korea has announced it will start investing in metaverse projects directly. More than $177 million dollars will be invested to kickstart national jobs and companies in this field, according to statements made by Lim Hyesook, minister of science and information and communication technologies. South Korea is one of the first countries to put funds into this field.
South Korea Gets Into the Metaverse
While more VC firms and companies are actively investing in the future of the metaverse, some nations are also preparing to invest in this new area to secure....
The City of Seoul becomes the first city in South Korea to confiscate cryptocurrencies owned by tax delinquents. The city government of South Korea’s capital Seoul has announced the seizure of cryptocurrencies worth 25 billion won ($22 million) from individuals and company heads.According to a report by The Korea Times, the confiscated crypto came from people identified as tax delinquents by the city’s tax collection agency.As part of the investigation, the Seoul office of the National Tax Service identified 1,566 individuals and company heads with overdue taxes. The NTS office in Seoul....
Indian Enforcement Directorate has seized assets worth approximately $5 million in connection with an alleged cryptocurrency scam involving Morris coin that has duped investors out of $162 million. The crime proceeds were used to buy cryptocurrencies.
India Authorities Seize Assets in Alleged Crypto Scam Case
India’s Enforcement Directorate (ED), a specialized financial investigation agency under the Department of Revenue, Ministry of Finance, has seized assets valued at 36.72 crore rupees ($5 million) in connection with a cryptocurrency scam.
The ED began....
Over the last few years, the astronomical growth in cryptocurrency prices facilitated the surge of crypto and blockchain technology adoption in a few key markets. South Korea is one of them. The nation has always been a leading force and major participant in the emerging digital asset economy. Even though South Korea operates in an isolated manner because of its strict capital control laws, its crypto market still grew to new heights, reaching a valuation of $46 billion at the end of 2021. According to a report, South Korea is home to roughly 5.58 million crypto users, accounting for more....