South Korea seizes over $47M worth of crypto for tax evasion

South Korean officials have seized more than $47 million worth of crypto from 12,000 people accused of tax evasion.

South Korea seizes over $47M worth of crypto for tax evasion

According to the report by Financial Time, the seizure is part of a months-long probe. The government for Gyeonggi province encompasses the greater Seoul area.

Officials emphasized that it is the largest cryptocurrency seizure ever for back taxes in the country.

Local exchanges across the country that did not collect resident registration numbers of account holders were used to conceal assets.

The investigators used mobile numbers to track down the alleged tax evaders. They included a renowned home-shopping channel show host who owed over $17,000 in tax and held $440,000 worth of crypto.

The seizure forms part of a broader crackdown on the crypto sector in South Korea in a bid by the country to tackle fraud and money laundering.

The crypto exchanges have a deadline until September to register with the financial regulator as virtual-asset service providers so the legality of their operations can be determined.

Read: South Korean crypto exchanges banned from handling their own coins