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Thousands of Korean crypto tax evaders busted

Posted: Jun 24, 2021 11:26 Category: Asia , Regulatory , Posted by
Stanley Yin

12.000 crypto tax evaders were caught by government officials, being forced to pay more than 47 million US$ in sum back

GyeonggiThe sting was part of a months-long probe mostly targeting Gyeonggi province, which is the greater Seoul area in South Korea, where 12.000 crypto traders were booked for tax evasion, paying a total of 53 billion Won. A cryptocurrency seizure for back taxes of this extent goes without precedent in South Korea.

According to official reports, certain local exchanges concealed user assets simply by not recording their registration numbers. However, investigators were able to track down alleged tax evaders using their mobile numbers.

While this operation is the first of its kind, similar moves can be considered probable, as the South Korean government has a very negative stance towards crypto, as well as an unclear legal framework. It does not recognise blockchain-based currencies as money, but only as speculative assets.

By September, all crypto exchanges need to register with the South Korean government, for regulators to determine the legality of each enterprise.

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