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South Korean authorities have seized about $185 million worth of digital assets from tax delinquents since 2021, Yonhap News report September 22nd.
In the second half of 2020, tax authorities introduced a system of seizing virtual assets from delinquent taxpayers and forcing them to pay taxes. Authorities seized delinquent accounts or assets based on information received from cryptocurrency exchanges.
If delinquents do not pay their taxes after the seizure of their assets, the authorities will sell the cryptocurrencies at the market price to recover the arrears.
The highest amount of digital assets seized from a single delinquent was 12.49 billion won or $8.87 million. According to the report, Seoul residents held about 20 cryptocurrencies, including Bitcoin (BTC) worth $2.27 million and Ripple (XRP) worth $1.34 million. After the seizure, the individual paid taxes and demanded that the property not be sold.
Another delinquent paid taxes after authorities seized $6.16 million worth of virtual assets. Additionally, individuals owed $1.91 million in national taxes have seized $2.77 million worth of crypto assets.
Data were provided by the Ministry of Strategy and Finance, the Ministry of Public Administration and Security, the National Tax Service, and other government agencies.
