South Korean tax evaders parted ways in the recent government seizure of $ 47 million in cryptocurrencies.

South Korean authorities confiscated the crypto assets of 12,000 people and local residents accused of tax evasion, and 47 million won ETH, BTC and other digital assets were confiscated. After lengthy investigations, officials in South Korea’s most populous province have targeted 12,000 wealthy residents for tax evasion. The UK’s Financial Times reported that the Korean authorities had confiscated VND 53 billion worth of assets from tax evaders. Kim Ji-ye, director of the Gyeonggi Province Judicial Bureau, stated that all Koreans must obey the law and no exceptions will be accepted:

“We will do our best to protect law-abiding taxpayers and meet our fair tax obligations by investigating and prosecuting assets that tax evaders may be hiding between the recent crypto-trading frenzy.”

Gyeonggi officials hailed the operation as the largest tax seizure in the country’s history. They added that tax evaders used local trading locations to hide virtual assets. The popular TV presenter and doctor was among 12,000 wealthy South Koreans whose digital assets were confiscated. The Asian country is one of the most dynamic markets in the world, but South Korean officials have put tough laws in place on handling digital assets. For example, the country’s financial regulator, the Financial Services Commission, has announced more penalties for crypto exchanges based or operating in South Korea for failing to comply.

The requirements are not to be able to report suspicious transaction activity, not to retain transaction data, and not to separately maintain customer transaction records. The Korean government planned to impose a 20% tax on profits from digital asset trading a year later, and most locals support the ordinance. The survey found that 54% of respondents support the tax plan, while around 38% disagree, as it is striking that Korean women and the elderly are more supportive of the idea.

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