Officials in Jeju City have begun freezing and seizing cryptocurrency assets of individuals suspected of tax evasion.
This move is part of a larger initiative. According to local media Newsis on Saturday, relevant authorities are investigating 2,962 tax delinquents who owe a total of 19.7 billion won (approximately 14.2 million USD) to determine if they hold cryptocurrency assets that can be used to repay their debts. Among these tax delinquents, 49 individuals hold cryptocurrencies valued at over 160,000 USD.
During the investigation, tax officials reviewed data from South Korea's major cryptocurrency exchanges, including Bithumb, Upbit (owned by Dunamu), Coinone, and Korbit, and found that 49 suspected tax evaders collectively hold cryptocurrencies worth over 166,269 USD.
The Jeju City tax department has designated the aforementioned exchanges as third-party responsible parties and has begun to seize and secure the relevant cryptocurrency assets to repay part of the debts of the suspected tax evaders.
Jeju is the largest island in South Korea and a well-known tourist destination. In recent years, Jeju has explored various initiatives in the cryptocurrency field, including the launch of a non-fungible token (NFT) tourism card in 2021 and a blockchain technology-supported COVID-19 contact tracing application.
Hwang Tae-hoon, head of the Jeju City tax department, stated according to Newsis that Jeju City will "continue to strengthen efforts to address tax arrears through new assets such as virtual assets and comprehensively uncover hidden tax sources."
He also mentioned that the tax department will "continuously collect from high-value tax evaders through AI-driven data analysis, striving to secure tax revenue and promote a culture of honest tax payment."
The number of users on South Korean cryptocurrency exchanges has exceeded 16 million, accounting for over 30% of the country's population. In recent years, the South Korean cryptocurrency market has rapidly developed, attracting a large influx of users.
In 2021, the South Korean government passed legislation allowing regulatory agencies to seize cryptocurrencies, including Bitcoin (BTC), to combat tax evasion.
The government of Paju City, located northeast of the capital Seoul, announced last November that it would seize and sell cryptocurrency assets held by citizens who owe taxes.
Additionally, between 2022 and 2021, the South Korean government has seized cryptocurrencies worth 180 million USD from tax evaders.
In 2021, the Seoul city government also seized cryptocurrencies valued at 22 million USD, involving multiple individuals and company executives suspected of tax evasion.
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Original article: “Jeju City in South Korea to Seize Cryptocurrency Assets of Alleged Tax Evaders”
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