South Korea Seizes Over $47M in Crypto from Wealthy Tax Evaders

South Korea Seizes Over $47M in Crypto from Wealthy Tax Evaders
фото показано с : coinjournal.net

2021-6-23 13:27

A renowned TV host and a doctor are among wealthy individuals whose crypto assets were confiscated by the government.

South Korea authorities have seized over $47 million worth of Bitcoin and Ethereum as well as other cryptocurrencies, the Financial Times has reported, citing government officials from Gyeonggi province.

The crackdown targeted wealthy individuals in the greater Seoul area, the report added, with over 12,000 people investigated amid a battle against tax evasion.

Among the prominent individuals to surrender their crypto to authorities are a TV host, a real estate mogul, and a doctor.

The popular TV host reportedly owed 20 million Won ($17,599) in taxes but held 500 million Won ($439,991) worth of Ethereum and other crypto assets. The doctor had allegedly not paid tax of up to 17 million Won (about $14,962), even though he held over 2.8 billion Won ($2,464,465) worth of Bitcoin.

In total, investigators seized over 53 billion Won ($47 million) from individuals said to have used it to hide assets for tax evasion. It is the largest confiscation from tax evaders in the country’s history.

According to investigators, people were using local exchanges to hide their assets. However, authorities identified tax evaders by comparing mobile phone numbers linked to cryptocurrency user accounts on various platforms.

Officials say that bankruptcy proceedings will commence if the tax evaders fail to honour their tax obligations.

The confiscation of the crypto assets comes just months away from a deadline South Korea’s Financial Services Commission has set for crypto exchanges to comply with regulatory requirements. All cryptocurrency exchanges in the country have until September to have account holders use their real names. Crypto exchanges are to work with local banks to facilitate the move.

The banks, however, are not keen on the collaboration as they feel that working with so many exchanges will expose them to financial crimes, including money laundering.

The post South Korea Seizes Over $47M in Crypto from Wealthy Tax Evaders appeared first on Coin Journal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0095806 (-100%)

wealthy crypto evaders south tax korea seizes

wealthy crypto → Результатов: 56


Фото:

Major Swiss Bank UBS Reportedly Mulling Offering Crypto Services to Wealthy Clients

Swiss multinational investment banking giant UBS Group AG is looking at ways to give its wealthy clients exposure to digital assets.  UBS Could Offer Cryptocurrency Investment Service  According to BNN Bloomberg on Monday (May 10, 2021), people knowledgeable with the matter told the news outlet that UBS is exploring different alternatives to offer its clientsRead More

2021-5-11 23:00


JP Morgan believes that crypto adoption by institutional investors is just beginning

Bloomberg recently shared the opinion of JPMorgan analyst Nikolaos Panigirtzoglou, who said Bitcoin would attract even more investment as a safe haven asset. In a recent report, a financial holding analyst claimed that financial institutions and wealthy people are starting to pay more attention to Bitcoin and buy the asset.

2020-12-12 21:24


Binance now has personalized OTC services for wealthy crypto traders

Binance will now offer wealthy traders a “personalized way” to conduct trades larger than 10 BTC off of the exchange’s order books via over-the-counter (OTC) trading. Binance trading introduces block trading services One of the world’s largest and most popular cryptocurrency exchanges, the Malta-headquartered Binance, introduced a new feature that allows its users to trade […] The post Binance now has personalized OTC services for wealthy crypto traders appeared first on CryptoSlate.

2019-7-28 12:59


Incent Offers New Possibilities for Wealth Generation

Crypto loyalty platform Incent is giving everyday consumers a new way to save as they spend, building a nest egg at a time when there are few good opportunities for regular investors. In the ten years since the Global Financial Crisis, Quantitative Easing has boosted housing and asset prices, the wealthy have prospered and inequality […] The post Incent Offers New Possibilities for Wealth Generation appeared first on NullTX.

2019-6-28 20:15


Фото:

CDRX Introduces a New Approach to Asset Securitization: Crypto Depository Receipts (CDRs)

CDRX could be soon pioneering a paradigm shift in equity investment, through its securitized equity tokens labeled Crypto Depository Receipts (CDRs). The company is introducing an alternative to replace traditional investment instruments like equities and bonds, bringing investment opportunities to everyone that purchases the token, not only wealthy individuals and accredited investors.

2018-11-15 15:51


Survey: A Quarter of Millennials Hold Crypto, Wary of Current Financial System

A big chunk of wealthy American millennials have either warmed up to cryptocurrencies or are considering embracing them, reveals a recent report. Millennials with Money, a report by Edelman has found that 25% of American millennials, aged between 24 and 38, and earning $100,000 in individual or joint income, or owning $50,000 in investable assets,.

2018-11-1 00:00


Фото:

XLM Could Soon Surge As It Partners With Multi-Billion Dollar Company

The importance of tokenising one of the most valuable sectors, which has raised several wealthy billionaires aside the technology sector, the real estate sector is getting its feet. “Recently, a Manhattan property real estate established tokenised their real estate properties through a launch of $30 million fundraising in the Ethereum blockchain.

2018-10-8 21:30