South Korea Executes Largest Crypto Seizure From Wealthy Tax Evaders
South Korean authorities are targeting wealthy tax evaders for back taxes and have confiscated nearly $47 million worth of crypto assets from 12,000 tax evaders, as per a report in Financial Times. The authorities deemed the recent crypto seizure as the largest in the history of the country.
The crypto seizure drive was initiated by the Gyeonggi province as a part of a month-long probe. The authorities seized assets from local crypto exchanges which didn’t have data of their account holders. The authorities made use of registered phone numbers to track down the tax evaders.
The recent crypto seizures of tax evaders come under the broader crackdown on crypto-assets by the government. The country has adopted a strong regulatory policy, putting strict measures to avoid money laundering and fraud. It has also implemented the latest AMLD guidelines which threaten to close down all crypto exchanges in the country. The strict guidelines have forced crypto exchanges to withdraw their application in fear of failing the criteria and they have until September to apply for the operating license.
South Korea Takes a Rigorous Stance on Crypto Assets
South Korea was among the few countries with specialized crypto regulations that allowed traders and companies to function freely. However, a lot has changed over the past couple of years as the crypto crackdown by authorities grew and rigorous measures were put in place. The country also passed a new 20% crypto tax on every transaction which will be applicable from next year.
The country seems to be more focused on blockchain technology than crypto. It is also working towards the launch of its sovereign CBDC in the coming years.
South Korea was among the first countries to ban ICOs after 2017.
- Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions
- Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7
- Robinhood Lists Binance Coin as BNB Outperforms BTC, ETH, SOL YTD By Over 30%
- Bitget Partners With Google Developer Group On Hackathon To Support AI Innovation
- Can Cardano Save Kadena? Hoskinson Reaches Out After KDA Token Plunges 60% Amid Shutdown
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
