Saturday, May 21, 2022

South Korea’s Seoul Take Over Tax Delinquents’ Cryptocurrencies

Hundreds of top tax delinquents have recently lost their cryptocurrencies to the Seoul metropolitan government.

On April 23, the city government announced, around hundreds of tax delinquents in the country have hidden their assets in the form of cryptocurrencies. Recently, the Seoul metropolitan confiscated those digital assets and became the first local government in South Korea to take such action against the criminals.

While releasing a statement, the Seoul metropolitan government stated that the issue was first found out by the tax collection department of the city government. The tax collection department noticed that around 1566 individuals and heads of companies in three crypto exchanges have hidden their money in the form of cryptocurrencies. Currently, the city government has seized the virtual assets worth over $22 million from 676 delinquents.

Seoul Metropolitan has further stated that the offenders owed $25 million to the city government. It also mentioned that after the confiscation of cryptocurrencies from 676 delinquent taxpayers, other 118 offenders came forward to pay over $14 million to the government.

The government released a public statement saying, “We are continually being asked by delinquent taxpayers to refrain from selling their cryptocurrencies as they will pay their taxes.” Seoul metropolitan added, “We believe the taxpayers expect the value of their cryptocurrencies to increase further due to the recent spike in the price of cryptocurrencies and have determined they will gain more from paying their delinquent taxes and having the seizure released.”

According to the reports, the most popular form of cryptocurrency among the tax delinquents was Bitcoin at 19, which was followed by DragonView and Ripple at 16 percent each, Ethereum at 10 percent and Stellar at 9 percent. The other cryptocurrencies used by them accounted for 30 percent. 

The government has said that it has identified the remaining 890 people who hid their assets in the form of cryptocurrency and soon will seize their digital assets too.

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