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Korean Government Confiscates $47 Million in Crypto From Tax Evaders

Korean Government Confiscates $47 Million in Crypto From Tax Evaders



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9 Comments

  1. If crypto is going to endorsed as a bona fide asset class it will need taxed just like everything else. It can’t be seen by the general public as a tool for evading tax.

  2. tldr; South Korean authorities have identified thousands of tax evaders as part of an intensifying crackdown on tax dodging among crypto investors. More than 53 billion Korean won ($47 million) in crypto assets have been confiscated from 12,000 people who allegedly tried to hide money from the government. Authorities were able to track them down using their phone numbers.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

  3. This is an interesting thing. In Poland and most of the EU, crypto is not taxable unless you “exit” to fiat. While you are hodling it’s considered an ongoing investment without a defined outcome thus the tax value cannot be established until you cash out.
    The fact that SK. Seized that proves their law has defined crypto in a different way allowing the law enforcers to grab it. Interesting.

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