Friday, December 9, 2022
HomeLaw & PoliticsSouth Korean government seize $180M worth of digital assets from tax evaders

South Korean government seize $180M worth of digital assets from tax evaders

 

Tax evaders in South Korea had a total of KRW 260 billion ($182 million) worth of virtual assets seized by the South Korean authorities. This is stated in a report that was published by the local news site Maekyung. After a months-long investigation, the South Korean government has been taking strong steps to make sure that taxes are paid on cryptocurrencies and other virtual assets.

Several government agencies, such as the Ministry of Strategy and Finance, the Ministry of Public Administration and Security, and the National Tax Service, have said that the total value of the virtual assets that were seized is about KRW 259.791.44 billion.

The findings also reveal that the value of assets confiscated in only three locations, namely Seoul, Incheon, and Gyeonggi Province, amounts to 30% of the total value of assets taken countrywide. These places include Seoul, Incheon, and Gyeonggi Province were each responsible for the seizure of virtual assets with a value of KRW 53 billion ($37.2 million), KRW 17.8 billion ($12.5 million), and KRW 5.4 billion ($4.7 million), respectively.

In fact, a single resident of Seoul had KRW 12.49 billion worth of virtual assets seized, which is equivalent to $8.7 million.

Yoon Suk-Yeol became the President of South Korea in May of 2022. During the course of his campaign, he had pledged to deregulate the industry of virtual assets in order to further encourage the sector’s expansion.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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