South Korea Seizes $184 Million in Crypto Assets From Alleged Tax Dodgers, Reports Reveal – Taxes Bitcoin News

According to local media, the South Korean government has confiscated cryptocurrency valued at $184 million over two years. This was due to tax arrears. Since 2021, Seoul’s authorities have been confiscating virtual assets belonging to people who are accused of tax fraud.

Nearly 260 billion won in crypto was seized for tax evasion in South Korea

According to online publications Yonhap News, Maekyung revealed Thursday that the amount of cryptocurrency assets confiscated from South Koreans who are accused of tax evasion has reached nearly 260 billion Korean won. This is close to $184million at current exchange rates.

Reports rely on official data from the Ministry of Economy and Finance and Ministry of Security and Public Administration.

More than 176 billion worth assets, which totaled more then 259.7 trillion won, were taken by non-payments of national taxes. Additionally, over 84 million won of cryptocurrency was seized because of tax arrears in localities.

A third of the cryptocurrency was taken in Seoul (at 17.8 billion won), Incheon (5.55 billion won) and Gyeonggi (at 53 billion won). The South Korean government allowed the seizure virtual assets during the second half.

From that time, the most amount of crypto taken from one person was 12.5 Billion Won ($8.8 Million). This person was a Seoul resident and had holdings of 20 digital currencies including BTC (3.2 billion) and XRP (1.9 billion).

He chose to fulfill his obligations, and requested that the taxpayer keep his crypto investments. When the Korean tax authority seizes a person’s exchange account or their assets, it sells the coins at the current exchange rate, if the due tax is not paid.

After vowing to fight tax evasion via virtual assets and platforms in August, NTS released statistics about the confiscated crypto. South Korea delayed imposing a 20% tax upon crypto-related earnings until 2025 in an earlier year. This levy applies to capital gains above 2.5 million won. It was originally supposed to be in place January 2023.

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Currency, amount, coins, seizure, Cryptocurrencies and Cryptocurrencies Cryptocurrencies Cryptocurrencies Data, Forfeiture, Numbers Seizure South Korea, South Korea Tax Authority, Tax evasion, Tax Service, Taxes taxpayers, Virtual Assets

Are you concerned that South Korean authorities might continue to take crypto assets away from taxpayers who have outstanding debts? Comment below to share your views.

Lubomir Tatsev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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