{"id":90568,"date":"2024-04-16T00:19:40","date_gmt":"2024-04-16T04:19:40","guid":{"rendered":"https:\/\/ifintechworld.com\/?p=90568"},"modified":"2024-04-16T00:19:41","modified_gmt":"2024-04-16T04:19:41","slug":"south-korean-crypto-tax-crackdown-moves-to-another-city","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=90568","title":{"rendered":"South Korean \u2018Crypto Tax Crackdown\u2019 Moves to Another City"},"content":{"rendered":"<div>\n<div class=\"row mb-20\">\n<div class=\"col-12 col-lg-9 col-xl-8\">\n<div class=\"author-section\">\n<div class=\"author-info\">\n<p>\n                                                            <span>Last updated:<\/span><br \/>\n                                                        <time datetime=\"2024-04-16T03:00:20+00:00\"><br \/>\n                              April 15, 2024 23:00 EDT                            <\/time><br \/>\n                                                             <span class=\"date-v-line\">|<\/span> 2 min read                                                    <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div><figcaption class=\"wp-caption-text\"><\/figcaption><p>The South Korean \u201ccrypto tax crackdown\u201d continues its nationwide tour, moving on to the city of Yeongcheon in North Gyeongsang Province.<\/p>\n<p>While crypto trading profits are not yet subject to taxation in South Korea, local authorities have been seizing and liquidating coins from so-called \u201ctax delinquents\u201d in a countrywide crackdown.<\/p>\n<h2>South Korean \u2018Crypto Tax Crackdown\u2019 Puts Yeongcheon in Spotlight<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>Per the newspaper Gyeongbok Shinmun, Yeongcheon city authorities announced on April 15 that it will \u201cbegin intensive collection activities\u201d on unpaid tax bills.<\/p>\n<p>Local tax bodies have been given powerful new software tools that let them comb domestic crypto exchange data in search of residents\u2019 details.<\/p>\n<figure id=\"attachment_198648\" aria-describedby=\"caption-attachment-198648\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><figcaption id=\"caption-attachment-198648\" class=\"wp-caption-text\">Yeongcheon City Hall. (Source: Kimhs5400[BlueCity] [CC BY-SA 4.0])<\/figcaption><\/figure>\n<p>They can use this data to match unpaid bills with corresponding crypto wallets and associated bank accounts.<\/p>\n<p>The central government has granted them the power to freeze wallets, seize tokens, and even liquidate coins if they identify \u201ctax dodgers.\u201d<\/p>\n<p>Yeongcheon will continue its campaign until June 28, the city announced.<\/p>\n<h2>Tax Officials Hunt for Cars, Crypto, and More<\/h2>\n<p><span class=\"replacer\"><\/span><br \/>The campaign will also see license plate \u201cretention\u201d teams \u201cpatrol\u201d the city\u2019s streets. The teams will check \u201cresidential areas, high-density traffic areas, apartment complexes, and parking lots.\u201d<\/p>\n<p>The city said its teams would tow and impound vehicles belonging to tax delinquents. It said teams would \u201cimmediately sell vehicles at public auction\u201d if citizens failed to settle outstanding tax bills.<\/p>\n<figure id=\"attachment_198596\" aria-describedby=\"caption-attachment-198596\" style=\"width: 1878px\" class=\"wp-caption alignnone\"><figcaption id=\"caption-attachment-198596\" class=\"wp-caption-text\">Officials from Yeongcheon\u2019s local authority remove a car license plate as part of unpaid tax-related asset seizures. (Source: Yeongcheon City)<\/figcaption><\/figure>\n<p>Some citizens have claimed they do not have sufficient funds to pay their local tax bills. But the city said it would check the veracity of their claims by checking their crypto wallets. It will also check for \u201cinvestments in secondary financial institutions.\u201d<\/p>\n<p>The media outlet wrote that one of the main reasons the city was acting now was due to a recent rise in Bitcoin prices.<\/p>\n<p>Reinvigorated markets, the media outlet explained, made \u201cit more likely that tax delinquents will invest in cryptoassets.\u201d<\/p>\n<p>Oh Young-ho, the head of the city\u2019s Taxation Department, said:<\/p>\n<blockquote>\n<p>\u201cWe are grateful to citizens who faithfully pay their taxes despite the recent economic downturn. We will [\u2026] boost local tax revenues by taking strong measures against repeat tax offenders.\u201d<\/p>\n<\/blockquote>\n<p>Earlier this month, tax officials in Pohang, in the same province, said they would seize crypto from 5,208 \u201clocal tax dodgers.\u201d<\/p>\n<p>The drive nationwide drive saw tax officials confiscate almost $29 million worth of coins and fiat from crypto wallets in 2023.<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/south-korean-crypto-tax-crackdown-moves-to-another-city.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last updated: April 15, 2024 23:00 EDT | 2 min read The South Korean \u201ccrypto tax crackdown\u201d continues its nationwide tour, moving on to the city of Yeongcheon in North Gyeongsang Province. While crypto trading profits are not yet subject to taxation in South Korea, local authorities have been seizing and liquidating coins from so-called [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":90569,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-90568","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korean \u2018Crypto Tax Crackdown\u2019 Moves to Another City | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Last updated: April 15, 2024 23:00 EDT | 2 min read The South Korean \u201ccrypto tax crackdown\u201d continues its nationwide tour, moving on to the city of\" \/>\n<meta name=\"robots\" content=\"index, follow, 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