In some Asian countries such as South Korea and Japan, the issue of tax evasion among crypto investors has become a hot issue. In the latest report, a city in South Korea is now actively pursuing crypto investors who evade paying taxes.
Based on a Gugkje News report, Gyeongju authorities, in North Gyeongsang province have identified several issues where individuals are reported to be converting money into cryptocurrencies without declaring to the authorities.
In the new specific financial information law enforces the monitoring of crypto exchanges and avoidance of paying taxes. The Gyeongju City and North Gyeongsang County administrations are working with four domestic crypto exchanges to identify tax evaders.
At the time of writing, 511 individuals have been identified and are being investigated. Domestic crypto exchanges are also asked to report any suspicious transactions made through their platforms.
Meanwhile, South Korea’s National Tax Service (NTS) has identified 2,416 individuals who reportedly hid their assets in crypto to evade taxes.
Thus, the authorities threaten to confiscate the ownership of their cryptocurrencies kept in wallets or in exchange if they find there are irregularities and tax evasion for loyal individuals.
