South Korean officials seized more than 53 billion won (US$47 million) in crypto from 12,000 people accused of tax evasion, the Financial Times reported.

  • The seizures are part of a months-long probe, The FT said Wednesday, citing the government for Gyeonggi province that encompasses the greater Seoul area.
  • Officials called it the largest "cryptocurrency seizure for back taxes in Korean history."
  • Local exchanges that did not collect resident registration numbers of account holders were used to conceal assets, according to the Gyeonggi government.
  • Investigators instead used mobile phone numbers to track down the alleged tax evaders. They included a "renowned home-shopping channel show host" who owed over $17,000 in tax and held $440,000 worth of crypto.
  • The seizure forms part of a broader crackdown on the crypto industry in South Korea in a bid by the country to tackle fraud and money laundering.
  • Crypto exchanges have until September to register with the financial regulator as virtual-asset service providers so the legality of their operations can be determined.

Read more about...

TaxSouth KoreaTax Evasion
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.