South Korea Cracks Down on Crypto Tax Evasion: $375K Seized

The city of Incheon in South Korea has seized cryptoassets valued at approximately $375,000 from residents accused of tax evasion. These individuals allegedly concealed their income in cryptocurrency wallets. According to Newsis, a media outlet, this sum was collected from 298 people and included cryptocurrencies like Bitcoin.

Residents involved may have to choose between settling their tax dues and penalties or having their cryptocurrencies liquidated and sold. This initiative is part of a broader effort to target tax evasion among cryptocurrency holders, a campaign that spans various regions and involves both national and local tax authorities.

The National Tax Service (NTS) has recently enhanced its capabilities for monitoring cryptocurrencies, a move mirrored by the customs service. Besides cryptocurrencies, Incheon’s tax authorities have also seized other assets such as bonds, contents of bank safety deposit boxes, and undisclosed financial assets held in secondary financial institutions. In the fiscal year 2023, Incheon’s crackdown on tax evaders resulted in the city amassing over $43.6 million.

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