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

Bitdeer Achieves Record Revenue but Faces Major Losses

Bitdeer reported record revenue of $320.7 million for Q3 2023, an 89% increase year-over-year, but faced a net loss of $125.5 million.

user avatarAyman Ben Youssef

Bitcoin May Benefit from Greater Regulatory Clarity

Bitcoin may benefit from a more predictable US regulatory environment as the SEC shows interest in blockchain-based financial infrastructure.

user avatarKofi Adjeman

SEC Reports Significant Decline in Enforcement Actions

The US Securities and Exchange Commission (SEC) has reported a significant decline in enforcement actions, marking the lowest level since 1991, under the Trump administration.

user avatarTando Nkube

HTX Enhances Trading Fundamentals Amid Market Volatility

HTX enhances trading fundamentals amid market volatility by improving market depth and launching new promotions.

user avatarSatoshi Nakamura

HTX Completes Q3 Token Burn, Enhances Brand Influence

HTX completed its Q3 token burn, destroying approximately 939 trillion HTX tokens valued at around $154.8 million, and enhanced its brand influence at TOKEN2049 in Singapore.

user avatarNguyen Van Long

David Schwartz Significantly Cuts XRP and Bitcoin Holdings

David Schwartz, former CTO of Ripple, has significantly reduced his XRP and Bitcoin holdings, raising investor concerns about the cryptocurrency market.

user avatarJesper Sørensen

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.