South Korea confiscated $185 million in Cryptocurrency on account of payment of taxes

The authorities of the country block assets of defaulters and sell them at the market price to the Power South Korea confiscated more than 259,8 billion Korean wons (about $185 million) on account of repayment of tax debts since the beginning of 2021, report local mass media. Withdrawal of virtual assets on account of unpaid taxes in the country was legislatively entered in the second half of 2020, but collectings began only last year. With assistance of cryptocurrency exchanges, tax authorities seize assets of defaulters. If tax accounts and further remain unpaid, the blocked cryptoassets...