How South Korea is Cracking Down on Crypto Tax Evasion

user avatar

by Giorgi Kostiuk

2 years ago


South Korea is intensifying its crackdown on tax law violators using cryptocurrencies. The authorities aim to ensure a fair and transparent environment by pursuing tax evaders.

Seoul's Measures Against Tax Evasion

In the Gwanak district of Seoul, a new investigation targets 325 individuals with a combined $714,000 in unpaid taxes. To trace hidden funds, officials have requested information from the country's five major crypto exchanges. This initiative follows similar actions in other regions, such as Gwacheon, indicating that even smaller cities are joining the crackdown.

What Happens to Seized Crypto?

Once a cryptocurrency is seized, taxpayers are given a chance to settle their debts. If they refuse or fail to respond, the assets get sold on the open market, with proceeds going toward public finances to cover various expenses.

Crypto Tax Delay: Public Reaction

The People's Power party's proposal to delay crypto tax reforms sparked mixed reactions. Some see it as a way to attract investment, while others fear it may lead to increased crime. While South Korea's crypto market booms, reaching 55.3 trillion won by June 2024, the traditional stock market has struggled.

South Korea's approach to tackling crypto tax evasion serves as a model for other nations. The government views asset seizure as a legitimate solution amid tax postponements.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Coinbase Urges Bitcoin Ecosystem to Prepare for Quantum-Resistant Security

Coinbase is urging the Bitcoin ecosystem to prepare for quantum-resistant security measures to address potential threats from quantum computing.

user avatarLeo van der Veen

Federal Judge Upholds $5 Million Settlement Against Gemini

A federal judge has upheld a $5 million settlement against Gemini, rejecting a motion to overturn it despite changes in regulatory policy.

user avatarLi Weicheng

Criminals Use AI-Powered Tools for Cyber Attacks in India

Criminals are using AI-powered tools to conduct financially motivated cyber attacks against entities in India.

user avatarAisha Farooq

MEXC Enhances Security Measures and Capital Reserves

MEXC enhances its security framework and capital reserves by adding 1,000 BTC to its Futures Insurance Fund, aiming to protect user assets and provide a risk buffer during extreme market conditions.

user avatarTenzin Dorje

MEXC Unveils AI Trading Report with Key Insights from Crypto Traders

MEXC has released an AI Trading Report based on a survey of 3,708 crypto traders, highlighting the use of AI in trading strategies and user preferences for control and risk management.

user avatarBayarjavkhlan Ganbaatar

BingX EU Achieves MiCA License to Expand Crypto Services in Europe

BingX EU MEGE zweite GmbH has obtained a MiCA license from Austria's FMA, allowing it to offer regulated crypto services across 29 EEA countries.

user avatarMohamed Farouk

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.