South Korea has proposed to introduce new tax regulations to debunk tax evaders using cryptocurrency. The regulators seek to get permission for tax authorities to impound crypto assets that are stored away by tax evaders in individual wallets. The expanding crackdown on crypto comes as part of financing the rising welfare costs of the nation.
In an attempt to impose taxes on the transactions regarding virtual currency, the South Korean government has announced that from this month, six major banks will provide services to cryptocurrency exchanges. This new system requires the exchanges to share user data with banks. Cryptocurrency exchanges have to share the data with banks On Sunday, the