South Korea Crypto Tax Crackdown: Seoul Targets $714K in Unpaid Taxes
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From giving warnings to crypto exchanges to tracking down illegal activities, South Korea’s strict stance on crypto violators is an example for other countries. To create a fair and transparent environment, South Korean authorities are tightening their grip on tax evaders who hide wealth in cryptocurrency.
As per the local reports, the Gwanak district in Seoul has announced a new investigation targeting 325 individuals who owe a combined $714,000 in unpaid taxes. To track down hidden funds, officials will request data from the country’s five major crypto exchanges.
How Seoul is Cracking Down?In recent years, South Korea has made it easier for local governments to seize and sell cryptocurrency belonging to tax evaders. A Supreme Court ruling in 2018 classified Bitcoin and other digital assets as property, making them eligible for confiscation. In 2022, new laws gave tax agencies the authority to directly seize and liquidate unpaid assets.
