The largest recovery from a defaulter was more than $8 million

South Korean authorities recover from tax debtors $184 million in cryptocurrency

22.09.2022 - 12:00

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1 min

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.

South Korean media’s material

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.

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