South Korean government is threatening to seize their citizens’ crypto assets if they continue to evade taxes. The government thinks that this action will serve as a warning that the Korean citizens can’t hide their money in crypto just to avoid taxes. It is no empty threat as well since they have already done this in the past.
Do you think this is the best way to get their citizens to pay their taxes? I feel like they should start thinking about better ways to prevent their citizens from avoiding taxes rather than constantly take away their crypto assets like they’re taking a candy from a child.
If their citizens continue to hide money in the form of crypto, all exchanges in South Korea may be required to do KYC and report to the authorities.
Topic: Govt. to seize crypto assets (Read 7 times)
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