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South Korea’s crypto seizure crackdown: will it stop tax evasion?
South Korea is taking a more aggressive stance against tax evasion by targeting high-income residents suspected of hiding wealth in cryptocurrencies. South Korean media outlet Energy Kyungjae reports Gwacheon, a city in Gyeonggi Province, has introduced an electronic virtual asset seizure system designed to identify and confiscate crypto holdings linked to tax delinquents. The initiative follows the broader push by the South Korean government to enhance tax compliance despite delaying the country’s 20% crypto tax policy until 2027. The system aims to track digital wallets linked to individuals who owe over 3 ... (full story)