South Korea’s tax authority is going after individuals hiding their assets in cryptocurrencies as a way of avoiding tax payments.
The National Tax Service of South Korea is increasing its efforts to combat tax evasion and is now focusing on the use of cryptocurrencies for such illicit activities.
According to The Korea Herald, the tax agency has identified more than 2,400 tax evaders who used cryptocurrencies to hide assets worth over 36.6 billion won ($32 million) from the government.
The NTS said it targeted individuals with more than 10 million won ($8,800) in tax defaults while also recovering cash, bonds, and other hidden assets.
Indeed, the agency reportedly plans to conduct a deeper probe of some of the individuals caught in the tax evasion scheme.
As part of its investigations, the NTS liaised with crypto exchanges in the country to obtain detailed customer trading reports.