South Korea began confiscation cryptocurrency

In South Korea, the confiscation of cryptocurrency assets began in wealthy citizens, FINANCIAL Times writes. Bitcoins and other similar assets in the amount of $ 47 million seized 12 thousand people, the authorities of Kengido’s densely populated province were informed.

“We will do our best to protect the law-abiding taxpayers and fulfill their obligations on fair collection of taxes, tracking those assets that defaulars can hide using the current cryptocurrency boom,” said the head of the local government of Kim Ji.

The confiscation was followed by a broad tax investigation, which was touched by 140 thousand people, and became the continuation of the efforts of the financial regulators of South Korea aimed at tightening control over cryptocurrencies. Most of the cryptochier working in the country is difficult to comply with the requirements for them.

By September, the Financial Services Commission obliged them to start cooperation with banks and open accounts for customers with their real names. However, the partnership was opposed to financial institutions, fearing the risks of money laundering and other financial crimes. In addition, Seoul plans to introduce taxes on trade in cryptocoluts.

tightened the control over the sector and the neighbor of South Korea, China, which introduced restrictions on transactions with cryptocurrencies, and also prescribed to close the mining projects in separate regions. Beijing’s policy negatively affected Bitcoin’s cost: on June 22, for the first time since January of this year, it fell below 30 thousand dollars. Analysts expect the price to fall even lower, to a level of 20 thousand dollars.

/Media reports.