Seoul government seizes cryptocurrencies from tax evaders
Several countries continue to face challenges with cryptocurrency taxation, mostly because they don't have proper guidelines for the new market. For example, the Seoul metropolitan government recently became the first city to seize cryptocurrencies from tax evaders.
Tax evaders get cryptos taken away from them
The Seoul metropolitan government announced earlier today it had seized cryptocurrencies from crypto traders and investors who failed to pay their taxes. This decision makes Seoul the first city in South Korea to confiscate cryptocurrencies owned by tax evaders.According to The Korea Times, the authorities seized cryptos worth 25 billion won ($22 million) from individuals and company executives. The cryptocurrencies came from people the city has identified as tax delinquents.
In a press release, the city government said, "We are continually being asked by delinquent taxpayers to refrain from selling their cryptocurrencies as they will pay their taxes. We believe the taxpayers expect the value of their cryptocurrencies to increase further due to the recent spike in the price of cryptocurrencies and have determined they will gain more from paying their delinquent taxes and having the seizure released."
The report examined digital currencies owned by over 1,500 individuals and heads of companies in three cryptocurrency exchanges. The agency seized over 25 billion won in virtual assets from 676 of them. The 676 individuals owed the city 28.4 billion won in overdue taxes. The statement added that 118 of them have paid back 1.26 billion won since the cryptocurrencies were seized.
The most popular form of cryptocurrency among the tax delinquents was Bitcoin at 19 percent, followed by DragonVein and Ripple at 16 percent each, Ethereum at 10 percent and Stellar at 9 percent. Other cryptocurrencies accounted for 30 percent," the report stated.
The authorities said they would continue to go after the remaining 890 people who have been identified as tax evaders.
Tax agencies serious with crypto traders and investors
Tax collection agencies globally are becoming more interested in cryptocurrency traders and investors. The rally over the past year generated massive gains to crypto investors. Hence, the reason why tax agencies are going after investors for unreported profits.100% Success Money Back Guarantee
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