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A TV host and a doctor are among thousands of wealthy South Koreans who have taken their cryptocurrency under tax control as repression escalates in one of the world’s most active markets for trading digital assets.
More than 12,000 people were confiscated of Won53bn ($ 47 million) bitcoin, ethereum and other cryptographic assets after a month-long investigation into tax evasion, according to government officials in Gyeonggi province, which guards a larger area of Seoul.
Governments around the world have tried to take a more active role regulation of cryptocurrencies in response to a year-long rise unregulated trade and mining. Bitcoin has had a roller coaster ride this year, rising to more than $ 60,000 Under $ 30,000 This month.
“We will make every effort to protect law-abiding taxpayers and comply with our tax order by examining and exploring the assets that tax fraudsters can hide among the latest cryptocurrency trading enthusiasts,” said CEO Kim Ji-ye. Gyeonggi Provincial Justice Office.
The kidnappings conducted a more extensive study of the taxes owed by about 140,000 people and it is the latest in a series of measures. tighten supervision Crypto markets run by South Korean financial regulators.
Officials in Gyeonggi said it was the largest “cryptocurrency currency hijacking in Korean history” and noted that local exchanges were used to hide assets because their account holders did not collect resident registration numbers.
To find the details of their account in cryptocurrency exchanges, the researchers compared the mobile phone numbers registered by tax evaders.
Officials said the following cases included: “a prestigious channel for home shopping,” which owed Won20m in taxes, but Won500m in ethereal and other cryptocurrencies; that he earned $ 30 million in income tax and earned $ 1.1 billion in active cryptocurrencies from 30 homeowners; and failed to pay about Won17m in deferred taxes but was a doctor who owned Won2.8bn in bitcoin.
Officials added that they will initiate bankruptcy and liquidation proceedings for the assets if the “former and senior tax-exempt” do not voluntarily pay the taxes assumed.
Many of South Korea’s 60 crypto exchanges are struggling to meet regulatory requirements to operate beyond September.
The Financial Services Commission, the regulator, has set a deadline to cooperate with local Korean foreign exchange banks to open real-name accounts to customers. But local lenders are cooperating with lower exchange scores, fearing they will face money laundering and other financial crimes.
The Korean government is also making plans to introduce a new income tax on cryptocurrency trading.
Additional reports by Kang Buseong and Song Jung in Seoul
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