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City of Seoul seizes cryptocurrencies from tax offenders
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The Seoul metropolitan government announced on Friday that it has seized the ‘cryptocurrencies of hundreds of top tax delinquents who hid their assets in digital form’. This makes it the first South Korean local government’s attempt to stop ‘dodgy cryptocurrency transactions’ and ‘crypto tax evaders.’
According to Yonhap News Agency, ‘the city government said its tax collection department found the cryptocurrencies of 1,566 individuals and heads of companies in three cryptocurrency exchanges and seized more than 25 billion won (US$22 million) in virtual assets from 676 of them.
Every one of the 676 individuals owed the government 28.4 billion in
Regtech: Compliance Firm Uppsala Security to Create Virtual Asset AML Solution for South Korean Crypto Exchange
April 5, 2021 @ 11:53 pm By Omar Faridi
Uppsala Security, a provider of tools for Crypto AML, Risk Management, Regulatory Compliance, and Cybersecurity, has revealed they’ve entered into a contract to create a ‘Virtual Asset AML’ solution for the
Coin&Coin exchange that “complies with the amendment of the Special Money Act in South Korea.”
As mentioned in an update, Coin & Coin is a digital asset exchange that’s based in South Korea. The trading platform has launched several different security services including KT FSCD (Financial Security Data Center) and BITGO Multisig Wallet and is “the 13th exchange to receive official ISMS (Information Security Management System) approval before the amendment of the Special Money Act in South Korea.”