South Korea – The regulator recently froze all digital assets of more than 12,000 tax debtors.
Police in Gyeonggi Province, South Korea recently seized Bitcoin and cryptocurrencies worth 53 billion won, equivalent to $47 million from 12,000 tax evaders in this locality.
According to the investigation, these people concealed assets on cryptocurrency exchanges because they did not have to provide a citizen identification number when registering for a trading account.
Investigators had to track down a phone number registered on the floor to track it down. The investigation lasted a month.
Among the tax evaders, 3 cases stand out when possessing large amounts of cryptocurrencies.
“The first one has 20 million won in tax debt but owns 500 million won in Ethereum and several other altcoins. The second owes 30 million won in taxes but holds 1.1 billion won in crypto. The other person owes only 17 million won in taxes but has 2.8 billion won in Bitcoin,” the investigators said.
“This is the largest crypto seizure ever in Gyeonggi,” the local official said. We will initiate the liquidation of these assets if individuals do not voluntarily pay the outstanding taxes.”
Recently, the Korean government ordered cryptocurrency exchanges to strictly implement KYC and AML processes. In which, exchanges are forced to link with local banks.
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