South Korean Authorities Seize Crypto From Nearly 6,000 People

South Korean Authorities Seize Crypto From Nearly 6,000 People

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According to recent data released by the South Korean National Tax Authorities, South Korean tax officials have seized crypto from 5,741 people since 2020.

The news was disclosed by local media on Monday, and the data was released upon request from the MP Jin Seon-mi of the National Assembly’s Planning and Finance Committee.

As per the data, about $13.5 million worth of crypto has been seized from nearly 500 people. Months ago, the NTS also in a release announced that it had seized about crypto worth $186 million from people who have been evading tax for the past two years.

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Why Are South Korean Tax Officials Seizing Crypto?

Since the NTS had successfully convinced the government on the revision of the National Tax Collection Act, the NTS crackdown has been proceeding swiftly.

KBS noted that by doing so, it will allow it to “obtain a legal basis for compulsory collection of cryptocurrency, allowing tax authorities to demand the transfer of virtual currency to tax evaders – and cryptocurrency exchanges.”

The crypto traders in South Korea so far do not pay capital gains on their tax earnings, amid this, the NTS still believes it has a part to play, and the revised Tax Collection Act gives the NTS opportunity to oblige local exchanges to submit their account details for all South Korean taxpayers which NTS is suspicious of.

According to NTS, thousands of citizens have refused to disclose their source of income, NTS thinks many have sought to conceal their incomes by buying digital assets.

The body then reacted to this with a “compulsory collection” drive which started in mid-2020. This has prompted a lot of regional tax officials to seize crypto assets, although there are still a lot of crypto holders who have been paying their outstanding tax bills using the South Korean fiat currency to regain access to their digital assets.

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