Based on regional information outlet mk.co.kr, the South Korean authorities has seized over 260 billion Korean received ($180 million) price of cryptocurrencies over the previous two years because of tax arrears. The nation’s politicians enacted rules permitting for the seizure of digital currencies for tax delinquencies and started imposing them final yr.
One particular person dwelling in Seoul, dubbed “Particular person A,” had 1.43 billion received (roughly $101.6 million) price of tax arrears and his cryptocurrency alternate account wseized by the authorities. The account contained 12.49 billion received (about $88.7 million) of digital belongings unfold throughout 20 cash and tokens, together with 3.2 billion received (round $2.3 million) in Bitcoin (BTC) and 1.9 billion received ($1.3 million) in XRP.
After the seizure, Particular person A reportedly paid the arrears and requested to halt the sale of seized belongings. If tax arrears aren’t paid, South Korean legislation permits authorities to promote confiscated cryptocurrencies at market worth.
South Korea is likely one of the hottest international locations on the planet for crypto exercise, with its digital currencies market rising to $45.9 billion final yr. In March, crypto-friendly Yoon Suk-Yeol received the nation’s presidential elections, and a coin used to mint his signature as a nonfungible token (NFT) surged by 60% shortly afterward. As well as, each main candidates launched campaign-related NFTs for election assist.
Yoon has pledged to “overhaul rules which are removed from actuality and unreasonable” in South Korea’s crypto sector. One of many measures, courting from July, contains suspending a 20% tax on revenue generated from cryptocurrency transactions in extra of two.5 million received ($177,550) for 2 years.