South Korea deepens probe on tax evasion via cryptocurrencies
South Korea’s tax authority is going after individuals hiding their assets in cryptocurrencies as a way of avoiding tax payments. The National Tax Service of South Korea is increasing its efforts to combat tax evasion and is now focusing on the use of cryptocurrencies for such illicit activities.According to The Korea Herald, the tax agency has identified more than 2,400 tax evaders who used cryptocurrencies to hide assets worth over 36.6 billion won ($32 million) from the government.The NTS said it targeted individuals with more than 10 million won ($8,800) in tax defaults while also....
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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....
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....
South Korean authorities seem to be focusing on strengthening measures to combat tax evasion across the nation. The country’s tax watchdog profiled thousands of evaders that relied on cryptocurrencies to hide assets worth billions of Korean won. Evaders Hid a Total of $32.24 Million in Assets Per the Korea Herald, the National Tax Service of South Korea (NTS) identified 2,416 individuals who reportedly hid their assets in cryptos to bypass taxation. The agency stated that evaders used bitcoin (BTC), ethereum (ETH), ripple (XRP), among other cryptos, to avoid being scrutinized by the....
South Korea is deliberating on four crypto-related bills for the regulation of cryptocurrencies. “We are currently doing groundwork by searching for and analyzing data on 578 coins that have various forms,” the chairman of the country’s top financial regulator reportedly said. South Korea Prepares to Regulate Crypto Industry The South Korean National Assembly’s National Policy Committee is currently deliberating on four cryptocurrency-related bills for the regulation of crypto businesses and protection of investors, Business Korea reported Wednesday. The....
Lee Jae-myung, nominated by the ruling party in South Korea for the upcoming presidential elections this spring, is preparing to raise funds in cryptocurrencies and issue non-fungible tokens for supporters. His campaign hopes that the initiative will woo young and tech-savvy Korean voters whose interest in digital assets is growing.
Ruling Party of South Korea to Collect Crypto Funds for Presidential Bid
The Democratic Party of Korea, the country’s leading political force, is going to raise election funds through cryptocurrency and issue receipts to donors in the form of....