South Korea To Confiscate Crypto Cold Wallets If Taxes Aren’t Paid

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....

South Korean law enforcement recently announced the arrest of a serving military captain and an operator of a cryptocurrency exchange on charges of spying for a North Korean hacker. In return for the acts of espionage, the two South Korean individuals were allegedly paid bitcoins worth a total of $637,789. South Korea’s Joint Command and Control Targeted Two South Korean citizens, a businessman running a crypto asset management firm and a serving captain of the country’s army, were arrested on suspicion of passing military secrets to a North Korean hacker. In....

South Korea examines ways to expand its tax base, with proposals to strengthen the government’s ability to seize tax evaders’ crypto assets directly from their personal wallets. South Korean legislators propose to revise tax codes so that tax authorities would be able to confiscate tax evaders’ crypto assets directly from their digital wallets.As per a report published on July 26, the proposal forms part of a wider, annual review of the country’s tax system. This year, faced with rising welfare costs to help sustain an increasingly elderly population, legislators are looking to amend a....

The cryptocurrency industry in South Korea keeps facing regulatory challenges, and it seems that dust is far from settling. Now, crypto miners will be required to pay taxes, following the same path as digital assets traders. Ruling to Take Place Starting 2022 According to a report published by Donga, miners should be accountable for paying taxes by deducting the amount from their earnings. Expressly, officials from the South Korean Ministry of Strategy and Finance are set to apply a new rule for those who earn tokens over $2,220 annually by imposing a 20% tax rate. However, regulators....

More than half of the survey respondents favored the controversial crypto tax law in South Korea. An opinion poll conducted by South Korean television station YTN has shown significant support for the planned cryptocurrency tax regime in the country.According to a report by The Korea Herald, 53.7% of the 500 participants polled by South Korea survey firm Realmeter expressed support for the crypto tax law coming into effect in January 2022.However, respondents in their 20s — the most active crypto trading age demographic in South Korea — were most likely to oppose the cryptocurrency tax....