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Seoul carried out large-scale confiscation of funds from tax violators

The NTS identified 1,566 tax evaders. Among them were both individuals and owners of companies.

The NTS's 676 violators had their digital assets worth 25 billion won confiscated. 19% of the funds were in Bitcoin (BTC), 16% in DragonVein Coin (DVC) and Ripple (XRP). Ethereum (ETH) accounted for only 10%.

Actually, it was very easy to calculate tax avoiders. This was made possible by the strict crypto regulation in South Korea.

From 2021, companies providing services for the purchase and sale of crypto are required to keep records and verify the identity of customers. At the request of the Government authorities, the exchanges must provide any data of interest. Otherwise, the leadership of the crypto-exchange may receive a prison term.

It should also be reminded that from 2022 crypto-investors will have to pay more tax on cryptocurrencies. In January 2022, a new principle of capital gains taxation will come into force. Investors from South Korea will have to pay 20% of their income if the amount exceeds $2,300.

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