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As the crackdown on one of the world’s most active digital asset trading markets intensified, the cryptocurrencies of thousands of wealthy South Koreans were seized, including a TV host and a doctor.

According to Gyeonggi-do government officials responsible for overseeing the Greater Seoul area, after months of investigations, 12,000 people accused of tax evasion were confiscated of Bitcoin, Ethereum and other crypto assets worth more than 53 billion won (47 million U.S. dollars) .

Governments around the world are seeking to play a more active role in Regulate cryptocurrency In response to years of prosperity Unregulated trading and mining. Bitcoin has experienced a roller coaster this year, soaring above $60,000, then plummeting to Less than 30,000 USD This month.

“We will do our best to protect law-abiding taxpayers and fulfill our fair taxation mission by investigating and tracking the assets that tax evaders may have hidden in the recent cryptocurrency trading frenzy,” said Jin Zhiye, Director General.Gyeonggi Provincial Fair Bureau

The seizure was carried out after a more extensive investigation into the tax owed of approximately 140,000 people. It is the latest in a series of measures. Strengthen supervision South Korean financial regulator’s investigation into the crypto market.

Officials in Gyeonggi Province stated that this is the largest “secure cryptocurrency” in South Korea’s history, and pointed out that local exchanges were used to conceal assets because they did not collect the resident registration numbers of account holders.

To track their account details on cryptocurrency exchanges, investigators compared the mobile phone numbers registered by tax evaders.

Officials said that these cases include: “famous home shopping channel show host” owes 20 million won in tax, but 500 million won in Ethereum and other cryptocurrencies; and 30 million in income tax owed by owners of about 30 houses South Korean won and holding 1.1 billion won in encrypted assets; and a doctor who failed to pay about 17 million won overdue taxes but had 2.8 billion won in bitcoin.

The official added that if “habitual and major tax evaders” do not voluntarily pay overdue taxes, they will initiate bankruptcy and liquidation procedures on the assets.

Many of the 60 crypto exchanges in South Korea are struggling to meet regulatory conditions in order to operate after September.

The Financial Services Commission of the regulator has set a deadline for the Korea Exchange to cooperate with local banks to open real-name accounts for customers. But local banks refused to cooperate with dozens of smaller exchanges because they feared that they would face money laundering and other financial crimes.

The South Korean government is also making plans to impose new income taxes on cryptocurrency transactions.

Supplementary report by Kang Buseong and Song Jung-a in Seoul

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