South Korea’s Most Populated Province Traces and Collects $4.6M From Crypto Tax Evaders
Summary
South Korea's Gyeonggi province has collected $4.6 million from cryptocurrency tax evaders using a new digital tracking system. This system uses local registration numbers to reveal mobile numbers of tax violators, which are then used to track linked accounts on cryptocurrency exchanges. The process has reduced the time taken to request information from exchanges from six months to 15 days. The system identified 5,910 people who owed more than $2262 each, with the collected amount coming from 2,390 people last year. South Korea has been investigating firms for tax evasion and has delayed implementing tax policies on cryptocurrency earnings.
