Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
In Gyeonggi province, South Korea, a digital system aimed at monitoring individuals avoiding taxes on cryptocurrency transactions was introduced in 2023, resulting in the identification of more than 5,900 offenders.
The Gyeonggi Provincial Tax Justice Department, which serves the most densely populated area of South Korea, disclosed the outcomes of implementing a new digital system for managing crypto taxation. Utilizing this system, the department retrieved 6.2 billion won ($4.6 million) from 2,390 offenders in 2023, as reported by Yonhap.
Related Posts
This new system allows for the comparison of registration information from South Korean cryptocurrency exchanges with citizens’ phone numbers, enabling swift identification of accounts on crypto exchanges for the agency’s analysis.
Previously, similar operations were performed manually, with data collection taking as long as six months. The introduction of the digital system has shortened this timeframe to just 15 days. It effectively identified the accounts of 5,910 individuals, each responsible for over 3 million won ($2,200) in taxes.
Noh Seung-ho, the Head of the Provincial Tax Justice Department, revealed intentions to enhance collaboration with local cryptocurrency exchanges this year and to impose stricter administrative actions against platforms that do not comply. This initiative aligns with efforts by South Korea’s Financial Intelligence Unit (KoFIU) to bolster oversight of the cryptocurrency sector.
Сообщение South Korea’s Сrypto Tax Evaders Tracked Down by Phone Number появились сначала на CoinsPaid Media.
