Korean Official Authorities to Arrest Bitcoin Tax Evaders

NTS, the tax agency of Korea, apprehended individuals implicated in the tax evasion scandal aided with crypto assets.

On one side, the adoption trend of Bitcoin and other cryptocurrencies has been tremendously increasing every day, but on the other side of the coin, people in Korea are also using virtual assets to evade taxes. According to the recent report, consistent efforts are being made by the Korean tax agency’s official authorities, and they are in charge of yielding considerable results against these tax evaders. 

Korea’s Government Crackdown

Last month, after the conclusion of official meetings, the Korean government decided to impose taxes on Bitcoin and other cryptocurrencies’ capital gains. The decision was made after considering the remarkable acceptance of the digital assets in the country and the correspondence of these assets with other financial instruments on which taxes are imposed. The law will be properly applied in the next year, but during this interval, many Korean traders have acquired escape routes to evade taxes by using the BTC. In reaction, the Korean National Tax Service has defeated the dark plan. The NTS revealed that it arrested more than 2400 Korean traders due to hiding their assets, which were amounting up to $32.24 million. These assets were in the form of cryptocurrencies to prevent text payment.

Further investigations highlighted the presence of hidden cash and bonds accounting for the tax delinquency of 10 million won. The agency also reported that the law to ban the leading cryptocurrency’s capital gains would result in ensuring the complete shutdown of crypto tax evasion and will establish a transparent financial framework.

Final Statement by the National Taxation Service

This law was actually proposed as a result of the case filed by the Bithumb on NTS. The Korean exchange argued that there is no taxation law in the country which recognizes cryptocurrencies as taxable assets. Now, according to the final proposed statement by the government officials and National Tax Service, the traders and investors will have to pay 20% tax if they are earning more than 2.5 million won (approximately equal to the present 2300 dollars) from Bitcoin and other digital assets.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

Switzerland Sets to Use Blockchain for Supply Management

A very effective way to utilize blockchain technology is for managing the chain of supply. This chain is no longer a linear one from producer to consumer but now contains multiple sequences of producers, partners, clients, agents, etc.; hence, the use of blockchain is of high importance as it would enable assets to be traced […]

Coinbase Ticker COIN to Go Green on NASDAQ Today

The largest crypto-based enterprise and exchange platform Coinbase, has joined the ranks of public listed companies at NASDAQ. The COIN ticker is not just a new face on the block, but it has managed to make a grand entry into the cut-throat stock market in a manner that it is impossible to ignore its presence. […]

Collectors of Art Would be Able to Purchase New Token by Burning NFTs

The mysterious and successful NFT artist Pak has recently announced the launch of a new token, ASH. However, not every other investor would be able to purchase this token with digital assets or fiat currencies. A person who wants to own ASH would have to be willing to burn the NFT artwork under their ownership.  […]

SEC Actions Putting Bitcoin and Ethereum Investors at Risk, another Crypto Lawsuit

Yet another blockchain enterprise has gone under the radar of the Securities and Exchange Commission of the United States (SEC). LBRY Inc. is a blockchain-based and decentralized file sharing and payment network. The blockchain-based service is unique in a manner that it allows the users to get access to social media content, streaming services, and […]