South Korean law enforcement officers have reportedly confiscated around 260 billion won worth of cryptocurrencies from local individuals and businesses in two years as they were not abiding by local taxation laws.
The most populous province in the nation – Gyeonggi – saw the highest amount of confiscated cryptocurrencies with over $37 million. The largest cities in the region – Seoul, and Incheon – had respectively around $12 million and $3.5 million in digital assets seized. Other major towns, such as Daejeon, Chungnam, and Jeonbuk, were also part of the officials’ operation.
Although crypto tax rules in South Korea are still unclear, in 2020, the local authorities started seizing digital assets from people and businesses who were not reporting their transactions to the relevant institutions.
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