Nepal is currently grappling with a rise in digital currency-related fraud activities despite a ban on cryptocurrencies since 2017. The country's Financial Intelligence Unit (FIU) has expressed concerns over the use of digital assets in facilitating fraud schemes, particularly through social media platforms. Scammers take advantage of the lack of stringent verification procedures on social media accounts to gather information for defrauding victims. Nepal's police have managed to recover over $1.4 million from criminal activities tied to digital currencies. The authorities are working on enhancing public awareness and tightening financial transaction scrutiny to combat fraud.

Meanwhile, Paju City in South Korea is cracking down on tax defaulters by confiscating their digital asset holdings. The city's tax watchdog has been granted permission to seize the digital currencies of individuals evading taxes, with 17 defaulters already identified. The city plans to sell the digital assets to recover the outstanding tax debts. South Korean tax authorities have been increasing efforts to recover taxes converted to digital assets as citizens turn to cryptocurrencies to evade local tax rules. The country is moving toward implementing a 20% tax policy on digital assets.



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