South Korean city Gyeongju has threatened to seize the crypto stash of citizens evading tax by hiding their money in cryptocurrencies and under-reporting their holdings.
City authorities note that there is nearly a 10 million won ($8,970) deficit with evaders using Bitcoin (BTC), Ripple (XRP), Ethereum (ETH) among others to hide earnings.
As crypto adoption reaches peak levels, there are concerns across the world about taxation. In South Korea, city authorities have threatened to confiscate Bitcoin holdings from its citizens for the same. As per a report by Gugkje News, they are ready to seize and collect tokens from the wallets of suspected evaders.
Reports reveal roughly 500 individuals and 68 registered companies are under investigation for undisclosed holdings. With exchanges recently forced to abide by the “Specific Financial Information Act” rules, four exchanges including Bithumb and Upbit are said to be providing data to authorities.
Tax crackdown in South Korea
The late
