Cryptocurrency assets seized from alleged tax delinquents in South Korea in 2021 and 2022 amounted to nearly 260 billion Korean won (US$184.3 million), according to local media reports.
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The highest amount of crypto seized from a single delinquent taxpayer was close to 12.5 billion won, or US$8.87 million. The individual had reportedly owned Bitcoin and Ripple among 20 cryptocurrencies.
South Korean tax authorities started collecting unpaid taxes by seizing cryptocurrencies last year after introducing the measure in 2020.
Authorities seize a tax delinquent’s account or crypto assets after getting data from exchanges. If the tax bill remains unpaid, the crypto assets are sold at market price.
The data was aggregated by Kim Sang-hoon, a lawmaker from South Korea’s right-wing People Power Party and a member of the National Assembly’s Strategy and Finance Committee, from figures provided by the finance ministry and other government agencies.
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