South Korea confiscates cryptocurrency from citizens who evade taxes.
Crypto will be seized from citizens who owe more than 1 million Korean won ($750) in taxes.
Authorities in the city of Cheongju in South Korea have required seven crypto exchanges, including Upbit and Bithumb, to provide data on more than 8,500 customers to pay off debts through direct write-offs of cryptocurrency from their accounts, a local publication reported.
For example, in 2022, 17 people had their cryptocurrency confiscated for a total of 68 million won (over $50,000).
Amazingly effective practice However, we would like to remind our readers that such a mechanism of “seizure” is possible only on centralized platforms—it’s impossible to seize crypto from a noncustodial crypto wallet.
Crypto_Ocean
