The South Korean province of Gyeonggi, has seized 6.1 billion won ($5.14 million) in crypto from 1,661 persons. The seizure followed an investigation of nearly 30,000 companies and individuals and their crypto holdings at four exchanges.
According to the authorities, between May and August of last year, they investigated 29,656 firms and people who were behind on payments of 1 million won or more under the category of “nontaxable income.” Examining their cryptocurrency holdings on four exchanges as part of this process.
In South Korea, nontaxable income includes government fees and administrative fines imposed and collected in compliance with the Administrative Procedures Act.
For example, a garment distributor failed to pay 20 million won in enforcement fines levied on him last year for illegally expanding his plant. He did, however, have 500 million won in cryptocurrency, according to the probe.
Even after paying 40 million won in arrears, including the enforcement charge levied for illegally transforming his commercial building to a warehouse in 2017, the CEO of a frozen food company in Namyangju had 600 million won in cryptocurrency.
The proprietor of a local real estate rental company had been in arrears for 50 million won since 2018 for illegal extensions and land quality alterations, but he possessed 60 million won in cryptocurrency.
Local media described Kim Min-Kyung, the chairman of Gyeonggi’s taxes department, as saying:
It is the largest amount of cryptocurrency seizure in the country for nontaxable income delinquents.
Although this is the largest seizure under the nontaxable income category, the province has previously taken more bitcoins. The administration of Gyeonggi Province allegedly took cryptocurrency worth more than 53 billion won from approximately 12,000 persons who were behind on their tax payments in June.
