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Seoul's Gangnam District Strengthens Crackdown on Cryptocurrency Tax Evasion, Recovers Approximately $245,000 in Taxes Since End of Last Year
Summary: According to reports from Cryptonews, Seoul's Gangnam District is intensifying tax enforcement actions against cryptocurrency holders. Since the end of last year, the district has recovered approximately 3.4 billion Korean won (about $245,000) in unpaid taxes by confiscating cryptocurrencies. Gangnam District has been working with five major cryptocurrency exchanges in South Korea to seize cryptocurrencies ...
According to reports from Cryptonews, Seoul's Gangnam District is intensifying tax enforcement actions against cryptocurrency holders. Since the end of last year, the district has recovered approximately 3.4 billion Korean won (about $245,000) in unpaid taxes by confiscating cryptocurrencies. Gangnam District has been working with five major cryptocurrency exchanges in South Korea to seize cryptocurrencies like Bitcoin in order to recover unpaid taxes. Officials in the district stated that many residents own significant virtual assets, and after confiscating these assets, the voluntary payment rate of unpaid taxes has significantly increased.
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Link: Seoul's Gangnam District Strengthens Crackdown on Cryptocurrency Tax Evasion, Recovers Approximately $245,000 in Taxes Since End of Last Year [Copy]
