South Korean City of Cheongju Takes Strong Measures to Confiscate Cryptocurrency from Tax Delinquents
Summary:
Cheongju, South Korea plans to seize cryptocurrency from local tax evaders, requesting seven crypto exchanges to investigate holdings of thousands of tax evaders. Popular exchanges Upbit and Bithumb among those ordered to inquire into assets of users owing at least 1 million won ($750) in local taxes. This initiative aims to hold tax-evading residents accountable as cryptocurrencies are increasingly being used to conceal property in the country. South Korea has seen a rise in tax-related crypto seizures, with a total value of up to 260 billion Korean won ($180 million) confiscated between 2021 and 2022.
The city of Cheongju in South Korea's North Chungcheong province has revealed its plans to seize cryptocurrency from local tax evaders. To enforce this, the administration of Cheongju has reached out to seven South Korean crypto exchanges to investigate the assets of thousands of tax evaders. Upbit and Bithumb are among the exchanges ordered to look into the crypto holdings of 8,520 users who owe a minimum of 1 million won ($750) in local taxes. Following the investigation, authorities in Cheongju aim to confiscate cryptocurrency from these tax delinquents. Cryptocurrencies have reportedly become a popular method of hiding assets in South Korea, and this initiative aims to hold tax-evading residents accountable. In previous instances, the Cheongju administration managed to collect overdue taxes by identifying the cryptocurrency holdings of around 16,000 investors, resulting in the collection of 68 million won ($51,000). South Korea has seen an increase in tax-related cryptocurrency seizures in recent years, with a total value of up to 260 billion Korean won ($180 million) confiscated between 2021 and 2022. The city administration of Seoul also confiscated 25 billion won ($22 million) worth of crypto in 2021. Similar to South Korea, other countries like Argentina and the United States also seize cryptocurrency from tax evaders.
Published At
8/22/2023 8:38:27 AM
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