South Korea Seizes $47M Worth of Crypto for Back Taxes: Report
Officials called it the largest "cryptocurrency seizure for back taxes in Korean history."
Jun 23, 2021 at 10:13 a.m. UTCUpdated Aug 21, 2021 at 7:02 p.m. UTC
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindeskuat/VUW7WGBXMZF2HNUIZCGFHKYK5A.jpg)
South Korean officials seized more than 53 billion won (US$47 million) in crypto from 12,000 people accused of tax evasion, the Financial Times reported.
- The seizures are part of a months-long probe, The FT said Wednesday, citing the government for Gyeonggi province that encompasses the greater Seoul area.
- Officials called it the largest "cryptocurrency seizure for back taxes in Korean history."
- Local exchanges that did not collect resident registration numbers of account holders were used to conceal assets, according to the Gyeonggi government.
- Investigators instead used mobile phone numbers to track down the alleged tax evaders. They included a "renowned home-shopping channel show host" who owed over $17,000 in tax and held $440,000 worth of crypto.
- The seizure forms part of a broader crackdown on the crypto industry in South Korea in a bid by the country to tackle fraud and money laundering.
- Crypto exchanges have until September to register with the financial regulator as virtual-asset service providers so the legality of their operations can be determined.
STORY CONTINUES BELOW
13:18
Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
05:10
Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
04:07
The first video of the year 2024
40:07
The last regression video of the year 3.67.0
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.png)