South Korea Proposes Law Allowing Direct Seizure and Sale of Crypto Assets to Pay Overdue Taxes
The South Korean government has proposed an amendment to the tax code to allow the country’s tax authority to seize and sell cryptocurrencies belonging to delinquent taxpayers. “The revision will allow direct seizing without court-approved change in ownership records. Assets held by tax dodgers in the form of digital coins will no longer evade seizure and forfeiture,” said a government official.
Korean Government Wants Ability to Seize and Sell Cryptocurrencies of Delinquent Taxpayers
South Korea’s finance ministry announced the 2021 Tax Law Amendment Bill Monday, which is part of the government’s annual review of its tax system.