South Korea Snatches off $47 Million From Tax Evaders

South Korea Snatches off $47 Million From Tax Evaders

All the major countries all over the world are completely submerged into regulations and reforms in their cryptocurrency industry. This contagion has not spared South Korea too. Most cryptocurrency exchanges are facing tremendous hardships in order to cope up with the regulations. 

Gyeonggi-do’s Seizures

Gyeonggi-do is South Korea’s largest and most populous province, with Seoul as its capital. Many from South Korea possess immense wealth. Cryptocurrency is by far the most prominent subject of conversation. Moreover, investors are plenty, investing in a wide range of cryptocurrencies. Even the new ones too.  Despite all this, the major issue rises due to the non-taxpayers. In Spite of being a country with wealthy citizens, the South Korean government loses terribly because of the non-taxpayers. Moreover, these non-taxpayers are mostly prominent celebrities, TV stars, Doctors, and real estate giants. 

The government officials of Gyeonggi-do province have been trying to track down all the non-tax payers throughout the month. In spite of their month-long struggle they finally broke down about 140,000 non-tax payers so far. 

Moreover, to the surprise, nearly 99% of all these non-taxpayers were holders of digital assets like cryptocurrencies. These include Bitcoin (BTC), Ethereum (ETH), and many more. Consequently, all the non-taxpayers cryptocurrencies were frozen and confiscated from them. This accounts for about 53 billion Won, which is about $47 million. 

Gyeonggi-do’s Views and Comments

The official Bureau of Gyeonggi-do province states they will always extend their full support and safeguard of the prominent taxpayers. Furthermore, they reveal their plan on strict actions against the non-taxpayers. This massive seizure is a result of a thorough thorough investigation of nearly 140,000 persons by the officials of the Gyeonggi-do bureau. 

In addition, the officials of Gyeonggi-do exclaimed themselves, this seizure is the biggest so far in the history of South Korea. 

Furthermore, investigations revealed that most of these crypto holders who are actually tax evaders were not able to be traced easily. This is because, in the local exchanges their holdings were safe, as usually, local exchanges failed to collect the respective person’s resident registration numbers. 

However, they were all tracked down by their phone and mobile numbers registered to them. 

Moreover, a famous TV star who did not pay taxes about 20 million won had 500 million won in Ethereum (ETH). In addition, a doctor with pending taxes of 17 million won had 2.8 billion worth of Bitcoin (BTC). Also, a real estate agent of tax fines of 30million won had 1.1 billion worth various cryptocurrencies. 

Hence, South Korea now stricts the regulations even more imposed upon the local and other cryptocurrency exchanges too. 

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A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.