South Korean authorities recover from tax debtors $184 million in cryptocurrency
The largest recovery from a defaulter was more than $8 million
22.09.2022 - 12:00
293
1 min
0
What’s new? South Korean authorities seized nearly 260 billion won ($184,3 million) in cryptocurrency from tax defaulters in 2021 and 2022. According to local media reports, the largest amount of cryptocurrency seized from a single offender was about $8,87 million. According to insider data, this person invested in bitcoin, Ripple (XRP), and 20 other cryptocurrencies.
More details about the situation. South Korean tax authorities began collecting unpaid debts by seizing cryptocurrencies starting in 2020. The authorities have the right to seize a defaulter’s account after receiving data from cryptocurrency exchanges. In this, if the tax bill remains unpaid for a certain period of time, the debtor’s crypto assets are sold at market price.
Earlier, Busan, South Korea’s second-largest city, and crypto exchange Huobi Global signed a memorandum of understanding. The exchange will help the local authorities in researching blockchain technologies, as well as provide Busan’s exchange with appropriate tools.
Also on September 6, the Financial Services Commission (FSC) of South Korea announced plans to open a separate digital securities market. The initiative aims to institutionalize and promote cryptocurrencies in the country.
Useful material?
Telegram 
Twitter Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Cryptocurrency rates
-
Bitcoin
$98 762
BTC
+0.67%
-
Ethereum
$3 469.88
ETH
+4.79%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.57
XRP
+8.96%
-
Dogecoin
$0.460418
DOGE
+14.97%
-
Cardano
$1.13
ADA
+24.18%
-
Stellar XLM
$0.475898
XLM
+59.7%
-
Polkadot
$8.38
DOT
+34.97%
-
Bitcoin Cash
$532.76
BCH
+10.59%
-
Litecoin
$103.21
LTC
+14.38%