Cryptocurrency assets seized from alleged tax delinquents in South Korea in 2021 and 2022 amounted to nearly 260 billion Korean won (US$184.3 million), according to local media reports.
See related article: South Korea’s taxman keeps circling crypto – airdrops look to be the next target
Fast facts
- The highest amount of crypto seized from a single delinquent taxpayer was close to 12.5 billion won, or US$8.87 million. The individual had reportedly owned Bitcoin and Ripple among 20 cryptocurrencies.
- South Korean tax authorities started collecting unpaid taxes by seizing cryptocurrencies last year after introducing the measure in 2020.
- Authorities seize a tax delinquent’s account or crypto assets after getting data from exchanges. If the tax bill remains unpaid, the crypto assets are sold at market price.
- The data was aggregated by Kim Sang-hoon, a lawmaker from South Korea’s right-wing People Power Party and a member of the National Assembly’s Strategy and Finance Committee, from figures provided by the finance ministry and other government agencies.
See related article: S. Korea’s 20% crypto tax delayed by two more years
