South Korean province seized $5M worth of crypto from investors

One of the popular provinces of South Korea took action over those people who didn’t pay their crypto tax fine. Korean authorities seized around $5 million worth of the crypto assets. 

South Korean lawmakers are much worried about the crypto and crypto laws. A main important part of the crypto law of the South Korean government is tax on the crypto investors. Crypto tax law of South Korea is highly strict, but still there are many people in Korea who don’t care about the laws and rules. In recent days, the South Korean government has taken action against such people. 

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The authority of South Korean province of Gyeonggi, explained about the whole problems that they were facing because of the arrears on their fines. They explained that they investigated around 30,000 people and companies and fined a total of 14.4 billion won in arrears on their holdings. Whole this incident took place from May to August last year. 

But even in this year, these people and companies didn’t pay their fine. So now Gyeonggi authorities took action and seized a total of $5 million from 1,661 compaies and people.

In actual fact most of these people tried to trick the Korena government authorities. Most of them shifted their crypto based activities into another category ( like real-estate or shop) so that they can insist the government of South Korea to prevent them from any kind of more fines over their crypto holdings. But under the investigation, authorities found that these people are holding huge amounts of crypto, even more than what they have to pay as a fine. So the crypto assets have been seized by the government. 

The head of Gyeonggi’s taxation department, Kim Min-kyung, stated on this matter in the local media news outlet and stated 

“It is the largest amount of cryptocurrency seizure in the country for nontaxable income delinquents”

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