South Korea Confiscates Crypto from Tax Debtors
Legislation in South Korea is being amended to bolster the ability to regulate businesses within the cryptocurrency market.
Both the Financial Services Commission and the Financial Supervisory Service are expected to gain more power by this new amendment that will be proposed in Parliament.
Cheongju, a city in South Korea, reported this week that it intends to take cryptocurrency away from citizens who don’t pay their taxes.
Seven Korean crypto exchanges were asked by the government to submit lists of investors who own digital assets, reported Yonhap.
Many investors in the city are reportedly skipping out on handing in their taxes, thus the government is confiscating any digital asset that owes at least 1 million won (around $750).
As the city recognizes the rise in wireless currency usage, many South Korean citizens are hiding their money from regulators and this alarms the national authorities.
