A new digital tracking system has been implemented by the Gyeonggi Provincial Tax Justice Department in South Korea. This system allows tax authorities to track crypto exchange accounts held by tax evaders more easily. The implementation of this system has resulted in the seizure of $4.6 million worth of cryptocurrencies from 2,390 individuals. The province plans to reinforce its cooperation with crypto exchanges and review administrative measures related to non-compliance. South Korea’s Financial Intelligence Unit (FIU) has also outlined a work plan for crypto exchanges to improve anti-money laundering measures and increase reporting and inspection. Non-compliant exchanges may face a ban and cease operations in the country.
– Gyeonggi Provincial Tax Justice Department implements new digital tracking system
– System allows for easier tracking of crypto exchange accounts held by tax evaders
– $4.6 million worth of cryptocurrencies seized from 2,390 individuals
– Province plans to strengthen cooperation with crypto exchanges and review administrative measures
– South Korea’s FIU outlines work plan for crypto exchanges to improve anti-money laundering measures
– Non-compliant exchanges may face a ban and cease operations in the country.
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