2024

<a href="https://cryptonews.com/news/do-kwons-terraform-labs-files-for-bankruptcy-protection-in-us.htm">South Korea</a>’s tax body last year confiscated cryptoassets worth $28.4 million from citizens who were trying to avoid paying taxes. 
Per <a href="https://www.newsis.com/view/?id=NISX20240122_0002601058" target="_blank" rel="noopener">Newsis</a>, the number of “crypto tax dodgers” has ballooned from 5,741 – <a href="https://cryptonews.com/news/south-korean-tax-officials-seized-crypto-from-5741-people.htm">a figure reported in late 2022</a> – to 10,849. 
The latest figures come from the National Tax Service (NTS). The data was published following a freedom of information request from lawmaker Yang Kyung-sook. 
Yang is a member of the National Assembly’s Planning and Finance Committee. 
The data shows that the number of “crypto tax delinquents” almost doubled in the space of the past financial year. A total of 5,108 offenders were identified in FY2023. The headquarters of the South Korean National Tax Service in Seoul. (Source: MBC/YouTube) 
Citizens have been given the choice of paying outstanding tax bills and associated fines – or allowing the NTS to liquidate and sell off their tokens. 
The tax body has teamed up with local tax offices for <a href="https://cryptonews.com/news/latest-south-korean-tax-evasion-busts-crypto-worth-usd-47m-s-10787.htm">an ongoing, region-by-region crackdown</a> on crypto-holding tax “dodgers.” The campaign began in 2020. 
The NTS has recently purchased a suite of new blockchain monitoring tools. Bodies such as the <a href="https://cryptonews.com/news/south-korean-police-prosecutors-quadruple-spending-crypto-monitoring-tools.htm">prosecution and customs services have made similar purchases.</a> 
South Koreans do not currently pay tax on their crypto earnings. But the NTS believes that citizens around the country have used crypto as a tool to hide their earnings – and avoid paying income tax. 
 S Korean City of Incheon Seizes $375,000 Worth of Crypto from ‘Tax Dodgers’ 
South Korea’s <a href="https://twitter.com/hashtag/Incheon?src=hash&amp;ref_src=twsrc%5Etfw">#Incheon</a> says it has confiscated $375,000 worth of crypto assets from “tax-evading” residents who tried to hide their earnings in token wallets.<a href="https://twitter.com/hashtag/CryptoNew?src=hash&amp;ref_src=twsrc%5Etfw">#CryptoNew</a><a href="https://t.co/B1qL15Vrgy">https://t.co/B1qL15Vrgy</a> 
— Cryptonews.com (@cryptonews) <a href="https://twitter.com/cryptonews/status/1742839200343343131?ref_src=twsrc%5Etfw">January 4, 2024</a> 
<h2 id="south-korean-tax-body-holding-seized-crypto-worth-21m">South Korean Tax Body Holding Seized Crypto Worth $21m</h2> 
 The tax authority gave examples of some of the unnamed “tax dodgers” whose crypto it has seized. 
These include the case of a mobile phone seller who it says used crypto wallets to hide “hundreds of millions of KRW” for “long periods.” 
The NTS has been combing through domestic exchange-provided data in search of possible tax violations. 
However, it believes that yet more “tax dodgers” are still evading its grasp by using “borrowed-name” crypto wallets and “overseas platforms.” 
And the NTS revealed that legal hurdles were preventing it from liquidating around $28 million worth of the coins it had seized. 
A tax service spokesperson said the NTS “plans to resolve this issue in the future by revising related laws.”

South Korean Tax Body Seized Crypto Worth $28.4m From ‘Tax Dodgers’ in 2023

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