Based on regional information outlet mk.co.kr, the South Korean authorities has seized over 260 billion Korean gained ($180 million) value of cryptocurrencies over the previous two years attributable to tax arrears. The nation’s politicians enacted laws permitting for the seizure of digital currencies for tax delinquencies and commenced implementing them final 12 months.
One particular person dwelling in Seoul, dubbed “Particular person A,” had 1.43 billion gained (roughly $101.6 million) value of tax arrears and his cryptocurrency trade account wseized by the authorities. The account contained 12.49 billion gained (about $88.7 million) of digital property unfold throughout 20 cash and tokens, together with 3.2 billion gained (round $2.3 million) in Bitcoin (BTC) and 1.9 billion gained ($1.3 million) in XRP.
After the seizure, Particular person A reportedly paid the arrears and requested to halt the sale of seized property. If tax arrears should not paid, South Korean legislation permits authorities to promote confiscated cryptocurrencies at market worth.
South Korea is likely one of the hottest international locations on this planet for crypto exercise, with its digital currencies market rising to $45.9 billion final 12 months. In March, crypto-friendly Yoon Suk-Yeol gained 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 laws which are removed from actuality and unreasonable” in South Korea’s crypto sector. One of many measures, courting from July, consists of suspending a 20% tax on revenue generated from cryptocurrency transactions in extra of two.5 million gained ($177,550) for 2 years.