CandleFocus Crypto Tax Evaders Face Crackdown in South Korea
2024-11-21
Author: Content Editor
South Korea is intensifying its efforts to crack down on tax evasion through cryptocurrency use as it prepares to implement a 20% tax on crypto gains. The National Tax Service (NTS) has been monitoring major tax debtors' crypto holdings and activities to uncover illegal practices. In one case, the NTS discovered an individual who attempted to hide crypto assets by transferring them to multiple wallets, resulting in a lawsuit. Meanwhile, South Korea's Democratic Party has proposed a 20% tax on crypto gains exceeding 50 million Korean won ($35,919), with an additional 2% local tax. This updated taxation framework aims to protect retail investors and boost investor confidence. These recent developments align with South Korea's goal of expanding its crypto industry while ensuring regulatory compliance.
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