South Korea: Tax Authorities seize $184.3M Crypto Assets

South Korean Tax Authorities seize Crypto Assets worth US$184.3M

As per the local media reports, South Korean authorities have seized Cryptocurrency assets worth US$184.3 million in 2021 and 2022.

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These Cryptocurrency assets were seized from alleged tax delinquents in the country.

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As per the report, the highest amount of crypto seized from a single delinquent taxpayer was nearly US$8.87 million (12.5 billion won).

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The individual had reportedly held Bitcoin and Ripple, among 20 cryptocurrencies.

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South Korean tax officials started collecting unpaid taxes by confiscating cryptocurrencies last year after this measure was introduced in 2020.

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Tax authorities seize a tax delinquent’s account or crypto assets after obtaining data from exchanges.

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Meanwhile, the South Korean government has deferred its crypto tax policy which included a provision of imposing a 20% tax on crypto gains to 2025.

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