Bitcoin

Source: JYPIX/Adobe 
<a href="https://cryptonews.com/news/south-korean-exchange-searches-for-lost-owners-of-206m-worth-of-crypto.htm">South Korea</a>’s Incheon says it has confiscated $375,000 worth of cryptoassets from “tax-evading” residents who tried to hide their earnings in token wallets. 
Per the media outlet <a href="https://www.newsis.com/view/?id=NISX20240103_0002578991" target="_blank" rel="noopener">Newsis</a>, the city collected the combined sum from 298 people. 
The media outlet noted that the city “confiscated virtual currencies such as <a href="https://cryptonews.com/coins/bitcoin">Bitcoin (BTC)</a>.” 
Citizens will likely be given the choice of paying tax bills and associated fines or seeing their coins liquidated and sold off. 
The move is part of an ongoing, <a href="https://cryptonews.com/news/latest-south-korean-tax-evasion-busts-crypto-worth-usd-47m-s-10787.htm">region-by-region crackdown on crypto-holding tax “dodgers”</a> involving both central and local tax agencies. 
The National Tax Service (NTS) has added a range of new crypto monitoring tools to its arsenal in the past few years, <a href="https://cryptonews.com/news/south-korean-police-prosecutors-quadruple-spending-crypto-monitoring-tools.htm">as has the customs service</a>. 
Incheon’s tax service also confiscated a range of other assets, including bonds, bank safety deposit boxes, and “hidden financial assets at secondary financial institutions.” 
In total, the city raised over $43.6 million from tax evaders living in Incheon in FY 2023. Map adapted from work created by Dmthoth, Ksiom, Kwj2772. (CC BY-SA 3.0) 
<h2 id="south-korea-s-crypto-tax-evasion-crackdown-continues">South Korea’s Crypto Tax Evasion Crackdown Continues</h2> 
 Kim Sang-gil, Incheon City’s financial planning chief, said: 
“In the future, we plan to carry out further, rigid [tax] collection operations against unscrupulous, chronic, and malicious tax evaders. We will continue to add new collection techniques to […] boost the city’s finances and implement tax justice.” 
Since 2021, Incheon has launched two dedicated tax evasion-related teams of investigators. 
The city has also added a suite of “seven” new high-tech tools to help it detect tax evaders. 
These include some crypto-related solutions as Incheon seeks to create a “tighter collection network.” Incheon City Hall. (Source: hyolee2 [CC BY-SA 3.0])In September 2022, South Korean tax officials said they had <a href="https://cryptonews.com/news/south-korean-taxman-seized-186m-worth-of-crypto-from-tax-dodgers-past-2-years-says-govt.htm">seized a total of $186 million worth of cryptoassets</a>. 
In December 2022, <a href="https://cryptonews.com/news/south-korean-tax-officials-seized-crypto-from-5741-people.htm">tax bodies said they had seized coins from almost 6,000 citizens since the start of the crackdown</a>.

S Korean City of Incheon Seizes $375,000 Worth of Crypto from ‘Tax Dodgers’

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