Seoul Metropolitan Government Seized Crypto Worth of $25M

Seoul Metropolitan Government Seized Crypto Worth of $25M
  • The tax authority department has seized cryptos from 676 individuals to pay tax.
  • About 1,566 individuals found by the Tax collection department to pay taxes.
  • Some Taxpayers are requesting the Government not to sell their cryptos.

The tax authority department of the Seoul Metropolitan Government has seized crypto worth nearly $25 million from 676 individuals for tax payments.

Seoul is the first city in South Korea to kick down on crypto investors who are hiding their assets in digital form. Over 1,566 individuals and 3 heads of companies have identified by the tax collection department. The department will soon continue to collect crypto from the other 860 people.

Consequently, 118 of them have paid their taxes which comes around $1.1 million. Many are requesting the authority not to sell their cryptocurrency rather than they will pay the taxes soon.

Moreover, the city Government stated the expectation of the taxpayers. The price of crypto may increase because of the recent hike in price.

Thus the taxpayers are requesting not to sell their coins while they can gain more in future.

As an instance, the head of hospital who had 12.5 billion won in cryptocurrency, at once paid 580 million won whereas he owed 1 billion won in unpaid taxes so that he can save the rest of cryptocurrency.

Additionally, another fugitive taxpayer who owes about 3 million won has requested the government not to sell it for next two years as he expects the sum of the amount to grow enough in covering his taxes.

The major cryptocurrency among the fugitive taxpayers was Bitcoin at 19%,  followed by DragoVein and Ripple at 16%, Ethereum at 10% and Stellar at 9%.

Authorities Already Warned To Pay the Taxes

The South korean tax department has warned the crypto holders to pay the taxes who do Overseas Exchanges.

Domestic Crypto exchanges are needed with a new legal framework for submitting data from traders to the tax department.

More so, there is no legal way to ask foreign crypto exchanges to do so. Additionally, the NTC has stated that these tax rules would be applicable to crypto exchanges without in-depth detail.

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Cryptocurrency and blockchain tech interest has enticed Carolyna to write for NewsCrypto. She made her personal mission to help non-crypto geeks to understand the technology with ease.