South Korean Province Captured Over $5M Worth Crypto for Unpaid Fines

South Korean Province Captured Over $5M Worth Crypto for Unpaid Fines
  • Gyeonggi province had captured 6.1 billion won in cryptocurrencies.
  • The regulators have organized an investigation of 29,656 companies.
  • The frozen food company CEO had 600 million won in cryptocurrency.

Gyeonggi Province is one of the most populous provinces in South Korea. In last week Gyeonggi province has announced that it had captured 6.1 billion won in cryptocurrencies the wroth is nearly $5.15 million from around 1,661 people who unpaid the fine of a total of 14.4 billion.

Accordingly, the regulators mentioned that May to August last year. The regulators have organized an investigation of 29,656 companies and individuals who were troublesome on their payment of over 1 million under the category of non-taxable income. The investigation also includes examining their cryptocurrency assets at four exchanges.

More so, in South Korea, the income enforced and collected following the Administrative Procedures Act which includes government fees and fines is referred to as Non-taxable income.

Eventually, if a clothing wholesaler failed to pay the enforcement fees of 20 million enforced on him last year for unauthorizedly developing an extension of his factory. The investigation which conducted by regulators revealed that the clothing wholesaler had 500 million won in cryptocurrency.

Furthermore, the frozen food company CEO had 600 million won in cryptocurrency. Even though the CEO has paid 40 million won in fine, which includes the enforcement fees enforced because in 2017 the CEO illegally shifting his business establishment to a warehouse.

Since 2018, the local real estate rental company owner has 50 million won in arrears for developing an unauthorized extension and making land quality change, now owned 60 million won in cryptocurrency.

Moreover, in a local media, the head of Gyeonggi’s taxation department, Kim Min-Kyung mentioned,

“It is the largest amount of cryptocurrency seizure in the country for nontaxable income delinquents.”

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