South Korean City Plans to Seize Cryptocurrency from Tax Evaders
The city of Cheongju in South Korea has announced its intention to seize cryptocurrency from individuals who are evading local taxes. Here are the key points:
– Individuals who owe a specific threshold of outstanding crypto tax will have their cryptocurrency holdings seized by authorities.
– The city of Cheongju has reached out to seven South Korean cryptocurrency exchanges to investigate the holdings of tax evaders.
– The South Korean government has successfully confiscated approximately $180 million worth of cryptocurrencies from tax evaders in 2022 and 2021.
– Under the new plan, individuals with outstanding tax dues of $750 or more may have their tokens seized from exchanges.
– This move aligns with the South Korean government’s earlier enactment of laws that allow regulators to confiscate cryptocurrencies from individuals with outstanding tax liabilities.
Hot Take
The seizure of cryptocurrency from tax evaders is a proactive move by the city of Cheongju to hold individuals accountable for their tax obligations. This approach reflects a global trend of governments using advancements in cryptocurrency technology to combat tax evasion. It is likely that more countries will adopt similar measures in the future to ensure accountability in the digital realm.
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