South Korea confiscates crypto assets from wealthy tax evaders

As the crackdown on one of the world’s most active digital asset trading markets intensified, among the thousands of wealthy South Koreans, the cryptocurrency assets of a TV presenter and a doctor were confiscated in taxation.

According to a Gyeonggi-do government official responsible for overseeing the Greater Seoul area, after months of investigation, 12,000 people accused of tax evasion were confiscated over 53 billion won (47 million U.S. dollars) in Bitcoin, Ethereum and other encrypted assets.

Governments all over the world are seeking to play a more active role in Regulate cryptocurrency In response to years of unregulated trade and mining booms.Bitcoin has experienced a roller coaster this year, soaring above $60,000, then plummeting to Less than 30,000 USD This month.

“We will do our best to protect law-abiding taxpayers and fulfill our fair taxation mission by investigating and tracking the assets that tax evaders may have hidden in the recent cryptocurrency trading frenzy,” said Jin Zhiye, Director General.Gyeonggi Provincial Fair Bureau

The seizure was carried out after a more extensive investigation into the tax owed of some 140,000 people. Strengthen supervision South Korean financial regulator’s investigation into the crypto market.

Officials in Gyeonggi Province stated that this is the largest “secure cryptocurrency” in South Korea’s history, and pointed out that local exchanges were used to conceal assets because they did not collect the resident registration numbers of account holders.

In order to track their account details on cryptocurrency exchanges, investigators compared the mobile phone numbers registered by tax evaders.

Officials said that these cases include: “famous home shopping channel show host” owed 20 million won in taxes, but 500 million won in possession of Ethereum and other cryptocurrencies; and an owner who owned about 30 houses owed 20 million won in taxes. 30 million won in income tax and 1.1 billion won in encrypted assets; a doctor did not pay about 17 million won in overdue taxes, but had 2.8 billion won in bitcoin.

The authorities added that if “habitual and major tax evaders” did not voluntarily pay overdue taxes, they would initiate the bankruptcy and liquidation procedures of the assets.

Many of the 60 cryptocurrencies in South Korea The exchange is fighting To meet regulatory conditions to operate after September.

The Financial Services Commission, the regulator, has set a deadline for the Korea Exchange to cooperate with local banks and open real-name accounts for customers. But for fear of being affected by money laundering and other financial crimes, local banks refused to cooperate with dozens of smaller exchanges.

The South Korean government is also making plans to impose income taxes on cryptocurrency transactions.

Additional reporting by Kang Buseong and Song Jung-a in Seoul