South Korea Tax Agency Suppresses Persons Hiding Assets Using Cryptocurrency

According to the Korea Herald on Monday (Mar. 15, 2021), the National Tax Service (NTS) clamped down on over 2,400 tax offenders who hid their assets using bitcoin and other cryptocurrencies to avoid paying taxes. The tax authority stated the total assets concealed amounted to about 36.6 billion won ($32.2 million).

Back in May 2018, South Korea’s Supreme Court ruled that cryptocurrencies fell under intangible assets, making them liable to seizures. Following the ruling, the NTS became the first government agency to clamp down on individuals thought to be concealing assets.

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