South Korean gov has confiscated 260B won in crypto for non-payment of taxes since 2021

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.

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Jason Basler

Jason Basler– Financial Updates My Name is Jason Basler and I am also the main source from the ‘Topnewsscoop.com’ of all the exclusive and most delicate visualization of the activities in the business sector. My first step towards this journey was taken in the very early years of my life. I started with an independent financial consultant. However, I only had almost 4 years of skills and experience in this market. I have always been a free personality and like to fly one place to another, to explore more and more. Moreover, this passion and craze of traveling gave me a chance to report a section for best news associations. Last but not least, I am presently working full-time as an editor. Address: 4830 Crim Lane Dayton, OH 45402, United States of America Phone Number:  +1 937 727 7917 Email: [email protected]

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