News23 September 2022

South Korea confiscates $184 million in crypto for not paying taxes


Even regarding innovative technology, South Korean authorities are still very strict about laws and tax rules. Officers confiscated $184,000,000, but the agency has frozen that amount from 2021 to 2022.

The most significant amount confiscated from a single tax defaulter is $8.87 million, according to data provided by state lawmaker Kin Sang-Hun.

Tax authorities freeze the crypto assets of tax defaulters after exchanges identify violators on the platforms. Then, if the tax amount remains unpaid, officers sell the seized assets at market value. 

We were just notifying Gem City a couple of months ago that South Korea had passed a law about seizing assets. In short, if you haven't paid a parking ticket in this country, the bailiffs will take that amount from your account at the cryptocurrency exchange. The future is already here :D.

Since then, many cryptocurrency exchanges have closed their stores due to stricter KYC and AML regulations. While others currently operating in this mode provide customer data to the government under explicit and implicit rules.

We can only stock up on popcorn (once again) and see where this flirting of centralized cryptocurrency platforms with regulators will lead us...


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