According to mk.co.kr regional news outlet, South Korean authorities have seized 260 billion Korean won (or $180 million) worth cryptocurrencies in the last two years as a result of tax arrears. The laws allowing the seizure digital currencies for tax delinquencies were passed by the country’s politicians and they began to enforce them last year.
The authorities seized the cryptocurrency exchange account of “Person A” a Seoul resident. He owed 1.43 billion won ($roughly $101.6million) in tax arrears. The account contained 12.49 Billion Won (about $88.7 Million) of digital assets. It included 20 coins and tokens including 3.2 Billion Won (around $2.3 M) in Bitcoin (BTC), and 1.9 Billion Won (around $1.3 M) in XRP.
Person A was reportedly able to pay the arrears after the seizure and asked for an end to the sale of the seized assets. South Korean law permits authorities to sell stolen cryptocurrencies at market price if tax arrears have not been paid.
South Korea is a country that is most known for its crypto activities. Its digital currency market grew to $45.9 million last year. Crypto-friendly Yoon Suk Yeol won the country’s March presidential elections. A coin that he used to mint his signature (NFT), soared by 60% within a matter of hours. Both candidates also released NFTs related to campaign support.
Yoon pledged to “overhaul regulations in South Korea’s cryptocurrency sector that are far from reality” and “unreasonable”. One of the measures is a postponement of a 20% tax on income from cryptocurrency transactions exceeding 2.5 million won ($177550), which dates back to July.