The Korean province confiscates cryptocurrencies from 1,661 investors for unpaid finals - regulation

A South Korean province has confiscated cryptocurrencies worth over $ 5 million of $ 1,661, which were more than $ 12 million with their fines behind. The confiscation followed an investigation of almost 30,000 companies and individuals as well as their cryptocurrency stocks on four stock exchanges.

The Korean province confiscates cryptocurrencies for unpaid fines

The South Korean province of Gyeonggi, the most populous province of the country, announced last week that it confiscated 6.1 billion won ($ 5.14 million) in cryptocurrencies of 1,661 people, which were 14.4 billion with their fines.

The authorities said that from May to August last year they carried out an investigation against 29,656 companies and individuals who were behind with their payments of 1 million won or more in the "non -taxable income" category. This includes examining your cryptocurrency stocks on four stock exchanges.

non -taxable income in South Korea refers to income that is collected and collected in accordance with the Administrative Procedure Act, such as: B. Government fees and administrative penalties.

For example, a clothing wholesaler paid the enforcement fees of 20 million WON, which were imposed on him last year for the illegal construction of an expansion of his factory. However, the investigation showed that he had 500 million won in cryptocurrency.

The CEO of a frozen food company in Namyangju had 600 million goals in cryptocurrency, although he had paid 40 million afterwards, including the enforcement fee, which was collected for the illegal conversion of his business branch into a warehouse in 2017

The owner of a local real estate rental company who had been behind 50 million at 50 million because he had built illegal extensions and changed the land quality, had 60 million in cryptocurrency.

Kim Min-Kyung, head of the Gyeonggi tax department, was cited by local media with the words: