South Korea Will Seize Crypto Assets Of Tax Evaders

South Korea is tightening their rules over crypto assets use. According to new rules, they will seize all the assets of holders who will not pay tax. 

South Korea is a country where fewer Young people are than old citizens. So aged people are more in South Korea, which leads to a responsibility to help the old citizens through high fundraising programs. The government of South Korea has high restriction rules on tax payers. They already imposed high tax rules on high earners & companies, so that they can collect a huge amount of funds for aged citizens of South Korea. 

Around a month earlier, the government of South Korea released their restricted tax rules over crypto assets users. According to the crypto tax rule, all crypto Companies & consumers are restricted to work in required measurements, so that no one can make a mistake/trick toward crypto tax return.

Related: South Korea to Impose 20% Income Tax on Crypto Transactions

Now South Korea Authorities reminded their tax law over crypto regulation and warned that if any person is caught in tax evasion by hiding their crypto assets in their cold wallets then authorities will have the authority to seize all the assets of the asset holder. 

In this way, Korean government shows their restriction over crypto regulation, so that people don’t do illegal work or don’t try to trick the government authorities even by mistake. 

The South korean government is reminding people about their rules where people have misconceptions that they will easily hide their holdings or Earnings in crypto. But as everyone knows that in Investigation no one can get out of it. 

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Reportedly, the South Korean government seized around $50 million of crypto assets because of tax evasion by more than 12,000 people. 

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