{"id":46682,"date":"2021-07-26T14:33:26","date_gmt":"2021-07-26T11:33:26","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=46682"},"modified":"2025-09-01T17:39:31","modified_gmt":"2025-09-01T14:39:31","slug":"south-korea-to-tighten-rules-on-cryptocurrency-confiscation","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/south-korea-to-tighten-rules-on-cryptocurrency-confiscation\/","title":{"rendered":"South Korea to Tighten Rules on Cryptocurrency Confiscation"},"content":{"rendered":"<p>South Korean lawmakers proposed confiscating cryptocurrencies from digital wallets of tax evaders. <a href=\"https:\/\/www.reuters.com\/article\/southkorea-economy-tax\/skorea-to-toughen-rules-to-collect-cryptocurrencies-from-tax-dodgers-idUSL1N2P202D\"> Reuters<\/a> reports, citing the country\u2019s Ministry of Finance.<\/p>\n<p>The initiative aims to strengthen oversight of cryptocurrency markets to combat money laundering and other financial crimes.<\/p>\n<p>Current rules hinder authorities from confiscating digital assets held in personal wallets. The initiative would remove this barrier and boost tax revenues to fund increased social spending.<\/p>\n<p>According to the agency, the Ministry of Finance will submit a package of amendments to Parliament by September 3. If approved, they would take effect in 2022.<\/p>\n<p>Earlier, South Korean authorities<a href=\"https:\/\/u1f987.com\/en\/news\/south-korean-residents-must-disclose-overseas-cryptocurrency-exchange-accounts\"> obliged citizens to disclose information<\/a> about accounts on overseas bitcoin exchanges.<\/p>\n<p>From 2022, the country will also <a href=\"https:\/\/u1f987.com\/en\/news\/south-korea-to-impose-capital-gains-tax-on-cryptocurrency-trades-from-2022\">introduce a 20% tax on profits from cryptocurrency trading<\/a> for amounts exceeding 2.5 million won (roughly $2,230).<\/p>\n<p>In June, the government of Gyeonggi Province <a href=\"https:\/\/u1f987.com\/en\/news\/authorities-in-south-korea-seize-47-million-in-cryptocurrency-over-tax-evasion\">seized assets worth $47 million<\/a> in Bitcoin, Ethereum and other cryptocurrencies from 12,000 people who dodged taxes.<\/p>\n<p>Subscribe to the ForkLog channel on <a href=\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\" target=\"_blank\" rel=\"nofollow noopener\"> YouTube<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Korean lawmakers proposed confiscating cryptocurrencies from digital wallets of tax dodgers. Reuters, citing the Ministry of Finance.<\/p>\n","protected":false},"author":1,"featured_media":46683,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1153,36,974],"class_list":["post-46682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-confiscation","tag-regulation","tag-south-korea"],"aioseo_notices":[],"amp_enabled":true,"views":"8","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/46682","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=46682"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/46682\/revisions"}],"predecessor-version":[{"id":46684,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/46682\/revisions\/46684"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/46683"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=46682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=46682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=46682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}