South Korea proposes law to confiscate cryptocurrencies from taxpayers

Coingoback" srcset="https://cointimes.com.br/wp-content/uploads/2021/06/Banner-Coingoback-700x150-1.jpg 700w, https://cointimes.com.br/wp-content/ uploads/2021/06/Banner-Coingoback-700x150-1-300x64.jpg 300w, https://cointimes.com.br/wp-content/uploads/2021/06/Banner-Coingoback-700x150-1-150x32.jpg 150w, https://cointimes.com.br/wp-content/uploads/2021/06/Banner-Coingoback-700x150-1-585x125.jpg 585w" data-sizes="(max-width: 700px) 100vw, 700px " width="700" height="150" style="display: inline-block;"/>The South Korean government has proposed an amendment to the tax code to allow the South Korean tax authority to confiscate and sell cryptocurrencies belonging to defaulting taxpayers "The review will allow for direct seizure without court-approved alteration to property records. Assets held by tax evaders in the form of digital coins will no longer escape seizure and confiscation," a government official said.

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“Asset seizure procedures cannot be applied when assets to be claimed by the government are held in electronic wallets. The review will allow for direct seizure without court-approved change in property records. Assets held by tax evaders in the form of digital coins will no longer escape seizure and confiscation.”

“Going after tax evaders is part of a broader South Korean investigation to restrict surveillance of crypto markets to eradicate money laundering and other financial crimes using cryptocurrencies, as President Moon Jae-in plans to expand the tax base to fund increased welfare spending,” he wrote to Reuters. The finance ministry said it would present revisions to the 16 tax codes by Sept. 3. The proposal needs the approval of lawmakers to make it enforceable.See too:

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