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South Korea Seizes $47 Million in Cryptocurrency From Tax Dodgers

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South Korean authorities have seized almost $47 million in cryptocurrency from 12,000 tax evaders. This is the biggest crypto seizure within the nation’s historical past.

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South Korea Seizes $47 Million in Cryptocurrency From Tax Dodgers

South Korea seizes 47 million USD in BTC, ETH, … from 12,000 tax evaders

According to the Financial Times, not too long ago, officers in Gyeonggi Province, South Korea stated that they had carried out one of many largest tax assortment instances within the nation. This months-long affair ended with the seizure of $47 million in Bitcoin (BTC), Ether (ETH) and several other different cryptocurrencies. Officials referred to as the occasion “the largest tax seizure in Korean history.”

Gyeonggi is essentially the most populous province in South Korea in addition to together with the capital Seoul. Here, officers seized digital belongings from 12,000 tax evasion by connecting their exercise on cryptocurrency exchanges by means of their telephone numbers.

Investigative businesses need to manually analyze this information as a result of many exchanges don’t accumulate official consumer identification info. As of now, it isn’t clear which exchanges have been included within the investigation.

Korea’s authorized crackdown

The lack of buyer identification (KYC) is among the key strikes main as much as the most recent regulatory crackdown in South Korea.

In March 2020, the National Assembly of Korea handed a legislation requiring native exchanges to totally adjust to anti-money laundering and terrorist financing pointers from the Financial Action Task Force (FATF). . At the identical time, cryptocurrency companies, particularly exchanges, should obtain approval from the Financial Services Commission (FSC) and the Korea Internet and Security Agency by September 24, 2021.

The legislation contains new necessities for consumer verification (KYC) in addition to readability on what content material will be listed. Tokens of a challenge could also be delisted if it falls into one of many following circumstances:

  • The challenge’s token has a low transaction quantity
  • The challenge has no growth strikes
  • The challenge lacks an open and clear communication channel

Upbit, one of many 4 main cryptocurrency exchanges in South Korea, additionally began delisting some tokens. It can also be one of many first platforms to be granted a regulatory license to proceed working in Korea.

Meanwhile, regulatory compliance is troublesome for smaller exchanges. Because these platforms need to companion with a financial institution to get their very own license. However, banks have been reluctant to tie up with cryptocurrency exchanges to create what one change operator has referred to as a “crisis of survival.”

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