South Korea Tax Authority Begins Confiscation of Crypto Asset Owned by Tax Defaulters


According to a report by Yonhap last week, the Seoul metropolitan government has confiscated crypto assets from hundreds of tax-defaulting cryptocurrency investors in South Korea.

Based on the report, the government’s tax collection department has identified cryptocurrencies on three cryptocurrency exchanges belonging to 1,566 individuals, including company heads. So far, coins belonging to about 676 investors have gotten confiscated, with the government claiming that these people owe 28.4 billion won ($25.4 million) in overdue taxes. The authority added that it would go after the assets of the 890 investors next.

Several of the affected investors have scrambled to pay back 1.2 billion won since the seizure, with the city government confirming that:

“We are continually being asked by delinquent taxpayers to refrain from selling their cryptocurrencies as they will pay their taxes.”

The authority added that:

“We believe the taxpayers expect the value of their cryptocurrencies to increase further due to the recent spike in the price of cryptocurrencies and have determined they will gain more from paying their delinquent taxes and having the seizure released.”

The government provided a repayment example, citing a hospital head who pleaded with the authorities not to sell his crypto assets and immediately paid 580 million won out of the 1 billion won he owed in unpaid taxes and provided collateral for the rest.

Another defaulting taxpayer asked the government not to sell his confiscated crypto assets worth 3 million won, noting that the value of his holding could grow significantly in the next two years and would be more than enough to cover his tax debt.

19% of Seized Crypto Assets Is Bitcoin
Meanwhile, the tax authority noted that the most popular cryptocurrency held by defaulters was Bitcoin, which accounted for 19% of all seized assets. Dragonvein and XRP came second with 16% each, while Ethereum and Stellar accounted for 10% and 9%, respectively.


You can purchase crypto coins here: Buy Coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.