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South Korea Cracks Down On Tax Evaders, Confiscates $47 Million Worth Crypto.

South Korea Cracks Down On Tax Evaders, Confiscates $47 Million Worth Crypto

The Tax Evasion Scandal

South Korean authorities expose thousands of tax evaders as they intensify the crackdown on tax dodging. This resulted in the confiscation of over 53 billion Korean won ($47 million) worth of crypto assets. Reports suggest that over twelve thousand people got charged for tax evasion.

The Largest “Cryptocurrency Seizure in Korean History”

The accused transformed the funds into Bitcoin, Ethereum, and other cryptocurrencies to hide the government’s taxes. Additionally, many of the wealthy Koreans found themselves caught performing tax evasions. Authorities tracked them down using their phone numbers, used to perform trade through local crypto exchanges.

This operation took months into making as a result became the largest “cryptocurrency seizure in Korean history”.

South Korea and Cryptocurrency

Due to the recent offense regarding tax evasion through crypto, the South Korean government looks to tighten its grip on the crypto market. South Korea is one of the most prominent leading digital asset trading markets in the world. Due to the increase in popularity in crypto investing, the Korean price of BTC hit the largest market cap. They hit $72,000, which is well over the global all-time high of $63,500.

Markets Coping With New Regulations

Many of the Korean exchanges have been struggling, due to the new regulations, to meet requirements. However, major institutions like Hana and K Bank, extended their support to help out smaller local exchanges.

The Korean Financial Services Commission, wants the digital asset platforms to intensify the screening procedure of crypto transactions. This causes them to delist “high-risk” coins to comply with the new regulations.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.