South Korea Proposes to Seize Crypto from Tax Evaders | Crypto Briefing

Key Takeaways

South Korean tax authorities has proposed a law to seize and sell crypto assets held by tax dodgers in exchanges.
The new revisions would force crypto exchanges to transfer crypto assets to the tax authorities immediately upon formal request.

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New rules could permit Korean gov’t to seize tax evaders’ crypto

South Korean legislators propose to revise tax codes so that tax authorities would be able to confiscate tax evaders’ crypto assets directly from their digital wallets.
As per a report published on July 26, the proposal forms part of a wider, annual review of the country’s tax system.

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South Korea Tells Crypto Exchanges to Register or Face Jail | Crypto Briefing

Key Takeaways

South Korea’s financial regulator has warned foreign cryptocurrency exchanges offering services to Koreans to register before Sep. 24.
The regulator says that any firms that fail to report to the agency face prison time or a fine.

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AML compliance mandatory for foreign crypto exchanges, says Korean regulator

Eun Sung-soo, chairman of South Korea’s Financial Services Commission (FSC), has said that foreign crypto exchanges that deal in the Korean won must comply with the country’s Anti-Money Laundering standards.

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Woori becomes latest major Korean bank to announce crypto custody services

According to a July 11 report from The Korean Economic Daily, the group’s banking unit, Woori Woori Financial Group has become the latest major South Korean financial institution to announce it will launch digital asset custody services.

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Korean investigation finds $1.48B in illegal overseas crypto transactions

An interagency investigation into suspected crypto fraud and money laundering in South Korea has led to the discovery of 1.69 trillion won (about $1.48 billion) in illegal overseas cryptocurrency transactions.

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