The South Korean regulatory authorities have marked another major achievement in interacting with the cryptocurrency industry.
According to the latest reports, the South Korean regulators have successfully confiscated a tremendous amount of money from the tax dodgers belonging to the crypto world.
South Korea Seizes 260 Billion Won
The latest reports from South Korea’s taxation record show that the regulatory authorities have seized a tremendous amount of funds in taxes from the evaders.
In terms of figures, the amount confiscated is worth 260 billion won, which is extremely high. At the time of writing, the particular amount translates to $184 million.
The money has been retrieved from people who were involved in dodging taxes commonly referred to as “tax evaders”. These evaders were making money interacting with cryptocurrency assets either by buying and selling them or by trading with them.
However, they did not report their earnings and revenues to the taxation authorities in South Korea. As a result, they paid nothing to the government that has imposed a tax on cryptocurrency assets in the country.
Now, the government has decided to take strict actions against the evaders and the $184 million amount is the perfect example of justice getting delivered.
Multiple Regulators were involved in the Investigation
The action and confiscation of the funds was the work of not a single regulatory authority but more than 15 authorities.
The figures posted on Thursday surrounding the confiscated funds came from multiple authorities. These authorities include South Korea’s National Tax Service (NTS), the Ministry of Security and Public Administration, the Ministry of Economy and Finance, and many more authorities.
All these authorities were spread out in different parts of the country. They were running their operations against the evaders in more than 17 cities in all the provinces.
Funds Confiscated by the Authorities
Out of the total confiscated funds, the authorities seized 84 billion won in the form of local tax arrears. The authorities went on to seize over 176 billion won in the form of national taxes that were unpaid.
However, the authorities did not seize these funds in the form of fiat but in cryptocurrencies.
Funds Segregation by Area
From the capital Seoul, the authorities were able to seize 17.8 billion won. From the city of Incheon, the authorities were able to seize 5.5 billion won. From the Gyeonggi province, the authorities seized the rest of the funds.
The operation surrounding the confiscation of the funds was ongoing for a couple of years. It was in the year 2020 when the government of South Korea authorized the operation.
It was 2020 when the government allowed the authorities to seize the funds of the users who were non-compliant with their tax payments.