U.S. markets open in 8 hours 42 minutes
  • S&P Futures

    3,594.00
    -7.50 (-0.21%)
     
  • Dow Futures

    28,808.00
    +7.00 (+0.02%)
     
  • Nasdaq Futures

    10,968.75
    -66.75 (-0.60%)
     
  • Russell 2000 Futures

    1,670.30
    +0.50 (+0.03%)
     
  • Crude Oil

    81.56
    +2.07 (+2.60%)
     
  • Gold

    1,670.90
    -1.10 (-0.07%)
     
  • Silver

    19.19
    +0.15 (+0.79%)
     
  • EUR/USD

    0.9790
    -0.0011 (-0.11%)
     
  • 10-Yr Bond

    3.8040
    -3.8040 (-100.00%)
     
  • Vix

    31.62
    -31.84 (-100.00%)
     
  • GBP/USD

    1.1096
    -0.0070 (-0.63%)
     
  • USD/JPY

    144.9000
    +0.1710 (+0.12%)
     
  • BTC-USD

    19,124.78
    -190.00 (-0.98%)
     
  • CMC Crypto 200

    434.92
    -8.51 (-1.92%)
     
  • FTSE 100

    6,893.81
    +12.22 (+0.18%)
     
  • Nikkei 225

    26,061.45
    +124.24 (+0.48%)
     

South Korea seizes US$184 mln in crypto towards unpaid taxes

·1 min read

Cryptocurrency assets seized from alleged tax delinquents in South Korea in 2021 and 2022 amounted to nearly 260 billion Korean won (US$184.3 million), according to local media reports.

See related article: South Korea’s taxman keeps circling crypto – airdrops look to be the next target

Fast facts

  • The highest amount of crypto seized from a single delinquent taxpayer was close to 12.5 billion won, or US$8.87 million. The individual had reportedly owned Bitcoin and Ripple among 20 cryptocurrencies.

  • South Korean tax authorities started collecting unpaid taxes by seizing cryptocurrencies last year after introducing the measure in 2020.

  • Authorities seize a tax delinquent’s account or crypto assets after getting data from exchanges. If the tax bill remains unpaid, the crypto assets are sold at market price.

  • The data was aggregated by Kim Sang-hoon, a lawmaker from South Korea’s right-wing People Power Party and a member of the National Assembly’s Strategy and Finance Committee, from figures provided by the finance ministry and other government agencies.

See related article: S. Korea’s 20% crypto tax delayed by two more years