Coin

<ul class="news-points"> 
 <li>Tax authorities in Cheongju, South Korea, are taking action against local tax evaders in crypto space.</li> 
 <li>Investigation targets 8,520 users on Upbit, Bithumb, and other exchanges owing a minimum of $750 in local taxes.</li> 
 <li>City plans to seize crypto assets from tax delinquents to establish fair taxation practices.</li> 
</ul> 
City authorities in Cheongju, South Korea are gearing up to take decisive action against local tax evaders involved in the cryptocurrency space, as <a href="https://www.yna.co.kr/view/AKR20" target="_blank" rel="noopener noreferrer nofollow">reported</a> on August 22 by local news agency Yonhap. This move comes as the city of Cheongju aims to ensure accountability among residents who have shirked their tax responsibilities through the use of cryptocurrencies. 
The administration has reached out to seven prominent South Korean <a href="https://coinedition.com/what-is-a-cryptocurrency-exchange-how-does-it-work/" rel="noopener noreferrer nofollow">crypto exchanges</a>, including Upbit and Bithumb, to investigate the crypto assets of the tax delinquents. Apparently, 8,520 users of the platforms owe a minimum of 1 million won ($750) in local taxes. 
In a bid to address the growing issue of crypto being employed to conceal wealth in the country, Cheongju’s regulators are taking proactive steps. Once the investigations… 
The post <a rel="noopener noreferrer nofollow" href="https://coinedition.com/south-koreas-crypto-hunt-cheongju-moves-to-seize-assets-from-tax-evaders/">South Korea’s Crypto Hunt: Cheongju Moves to Seize Assets from Tax Evaders</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinedition.com">Coin Edition</a>.

South Korea’s Crypto Hunt: Cheongju Moves to Seize Assets from Tax Evaders

Coin Edition

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