The South Korean government has proposed an amendment to the tax law to arrest the country’s tax authority and sell cryptocurrencies owned by taxpayers. “The revision will allow the owner to file a court amendment approved directly without arrest. A government official said assets held by tax evaders in the form of digital coins would no longer be shy about arrest and seizure.
Korean government wants to confiscate and sell cryptocurrency from taxpayers
South Korea’s Finance Ministry announced Monday that the government is amending its 2021 tax bill, which is part of an annual review of the tax system.
The bill includes a proposal to the country’s tax office, the National Tax Office (NTS), to confiscate and sell cryptocurrencies owned by tax violators, starting January 1, 2022.
The government has announced a growing number of cases where tax criminals are using cryptocurrencies to hide their assets. The bill aims to combat tax evasion by cryptocurrency owners.
Under the proposed law, cryptobirzhi must cooperate with the authorities and, upon request, must immediately transfer cryptocurrencies to the government.
If this requirement is not met, property may be searched and assets confiscated if authorities deem it necessary. Proceeds from the sale of seized crypto assets will go to the state treasury.
Korean lawmakers have expressed concern that current regulations make it harder to arrest crypto assets, which must be made under current bond arrest rules. Not only can the process be challenged, but the ownership change Records issued by the court also cannot be applied to crypto assets that do not have physical assets, the publication reports.
The statement of the official representative of the ministry was quoted:
Arrest procedures cannot be implemented when assets claimed by the government are held in electronic portfolios. Verification will ensure immediate withdrawal without the participation of the judge.
