to cryptocurrencies South Korea, which has made harsh regulations for crypto trading, has been talked about with the tax rules it has brought.
There has been a new development in South Korea, which has postponed the tax rule more than once.
According to local news sources, in 2021 and 2022 people allegedly owed taxes in South Korea amounted to 260 billion Korean won ($184.3 million). cryptocurrency their assets were confiscated.
It was stated that the amount seized from a person with tax debt is the highest amount of crypto money. 12.5 billion won, or 8.87 million dollars, of this person’s crypto money was confiscated.
Among these cryptocurrencies Bitcoin (BTC) and Ripple (XRP) reported to be.
Looking at the provinces, it was seen that cryptocurrencies seized from Seoul, Incheon and Gyeonggi provinces accounted for 30% of the total seized cryptocurrencies.
South Korean tax authorities “We started collecting unpaid taxes by confiscating cryptocurrencies from people who did not pay their tax debts in 2021 and 2022.” said.
Authorities said that if the tax debts are not paid, the seized cryptocurrencies will be sold at the market price.
It was stated that data on taxpayers and their debts were collected by Kim Sang-hoon, a lawmaker from South Korea’s right-wing People’s Power Party and a member of the National Assembly Strategy and Finance Committee.
These individuals stated that the data was collected from figures provided by the Ministry of Finance and other government agencies.
Kim Sang-hoon said:
“Laws and policy in the country ensure a stable investment environment for cryptocurrencies, but there must also be fair taxation principles.”
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!