Over $47 Million Worth of Cryptos Seized from Tax Evaders in S. Korea
A massive crackdown on tax evasion using cryptocurrencies was carried out in Gyeonggi, S. Korea. Over $47 million worth in Bitcoin (BTC), Ethereum (ETH), and other digital assets were seized from 12,000 people who allegedly were involved in tax evasion, including thousands of wealthy South Koreans.
Before the operation carried out in Gyeongni, other provinces of the country, including Daejeon, Gyeongju, and South Gyeongsang, have preceded it in taking actions against tax evaders who bypassed tax laws with the said digital assets.
"We will do our utmost to protect law-abiding taxpayers and fulfill our fair taxation mandate by probing and tracing assets that tax dodgers may be concealing in the midst of the recent cryptocurrency trading fervor," Kim Ji-ye, director-general of the Gyeonggi Province Fairness Bureau, commented on the recent crackdown.
In fact, the Gyeonggi authorities stated that the tax evaders allegedly used local crypto exchanges because they didn’t collect the resident registration numbers of account holders.
In more detail, a famous TV host, whose name remains undisclosed, is a "renowned home shopping channel show host" who owed 20 million Korean won in tax but held 500 million Korean won in ETH. Furthermore, a real estate investor, owner of almost 30 residences, had 1.1 billion Korean won in cryptocurrencies despite owing 30 million Korean won in income taxes.
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