Cryptocurrencies of Those Who Do Not Pay Taxes Seized!

South Korea, which makes harsh regulations on cryptocurrencies, was talked about with the tax rules on crypto trading.

There has been a new development in South Korea, which has postponed the tax rule more than once. According to local news sources, cryptocurrency assets amounting to 260 billion Korean won (US$184.3 million) were seized from people who allegedly owed taxes in South Korea in 2021 and 2022. It was stated that the amount seized from a person with tax debt was the highest amount of cryptocurrency. This person's cryptocurrency worth 12.5 billion won, or $ 8.87 million, was seized. Among these cryptocurrencies, Bitcoin (BTC) and Ripple (XRP) were reported. Looking by provinces, it was seen that the cryptocurrencies seized from S eul, Incheon and Gyeonggi provinces accounted for 30% of the total crypto confiscated. South Korean tax authorities said, "We started collecting unpaid taxes by confiscating cryptocurrencies from people who did not pay their tax debts in 2021 and 2022." The authorities said that if tax debts are not paid, the confiscated cryptocurrencies will be sold at market price. The data on taxpayers and their debts was collected by Kim Sang-hoon, a lawmaker from South Korea's right-wing People Power Party and a member of the National Assembly's Strategy and Finance Committee. They said the data was collected from figures provided by the Finance Ministry and other government agencies. Kim Sang-hoon said: "The laws and policy in the country guarantee a stable investment environment for cryptocurrencies, but there should be fair taxation principles." Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!