South Korea's Seoul government reportedly confiscated cryptocurrencies worth 25 billion won ($ 22 million) from tax evaders - directly from their exchange accounts.
According to local media reports Yonhap tax officials have seized crypto assets owned by 1,566 individuals and various companies for refusing to pay taxes based on reviews of three crypto exchange mediums.
The total forfeiture was $ 22 million that came from 676 individuals who had not paid taxes.
As a result of the seizures, 118 people have already paid 1.26 billion won ($ 1.12 million) to get their crypto assets back.
Authorities say that, investors continue to urge authorities to sell their cryptocurrencies and in return they will pay taxes. Authorities argue that that individuals and companies whose cryptocurrencies are confiscated may expect their cryptocurrencies to be more profitable.
Every day we often get the news that the topic of taxes in the crypto industry is getting hotly debated. Yesterday, an unconfirmed report stated that new tax laws would be proposed in the U.S., raising taxes by 43.5% for profits in excess of $ 1 million.
As a result, the crypto market continues to turn into their ocean for fear of the law being implemented.
