In South Korea, approximately $184 million worth of crypto assets were confiscated from people who allegedly owe taxes.
Digital assets are spreading to many operating regions on a global scale and expanding their usage area. In South Korea, where crypto regulations are strict, a conservative policy is followed in studies on the subject.
South Korea Seizes $184M in Cryptocurrency
According to the local South Korean news agency Yonhap News Agency, the amount of cryptocurrency seized from people allegedly owed taxes amounts to about 260 billion Korean won ($184.3 million).
Of the $184.3 million confiscated, the largest amount taken from a single person was $8.8 million, with Bitcoin (BTC) and Ripple (XRP) making up the majority of the amount, which was split into 20 different cryptocurrencies.
South Korean tax authorities are collecting unpaid taxes by confiscating cryptocurrencies from 2020. Authorities confiscate a tax criminal’s account or crypto assets after receiving data from exchanges. Even if the tax bill is not paid, crypto assets are sold at market price.
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