South Korean Bureau Condecorates Taxman for Finding $32M Worth in Cryptos

South Korea’s National Tax Service (NTS) had awarded a tax officer with the title of 'excellent civil servant' for his role in finding $32.3 million worth in cryptos hidden from the authorities. According to Jose Ilbo, Hwang Byung-gwang successfully tracked millions of dollars worth in digital assets used by tax dodgers to bypass the tax watchdog.

The NTS praised Hwang’s skills in investigating the matter from the Headquarters Tax Collection Department, which also managed to track crypto-assets such as Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (BTC), the media outlet noted. Thanks to his results, the National Tax Service collected information from 2,416 individuals, which were mostly located in Seoul.

Moreover, during the ceremony held with NTS executives, the increasing number of cases where tax dodgers rely on Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term to hide their assets was highlighted.

The news on awarding Hwang for his role in hunting tax evaders who used cryptos does not surprise the crypto sphere. The country keeps active on its oversight related to tax activities and even confiscating or liquidating cryptos involved in tax evasion.

Recent Crackdowns

Yesterday, Finance Magnates reported that the officials from the Gyeonggi provincial government in South Korea launched a massive crackdown on tax evaders who used virtual currencies to hide their earnings. Over $47 million worth of Bitcoin, Ethereum (ETH) and other cryptos were seized from 12,000 people who allegedly were involved in tax evasion, including a TV host, a doctor and thousands of wealthy South Koreans.

Furthermore, the South Korean government will go ahead with its plans to tax cryptos despite the political turmoil ahead of next year's presidential elections. The tax authorities will classify the new ruling on capital gains from crypto transactions done during 2022 as ‘miscellaneous incomes’. That said, digital asset holdings should be reported in yearly filings starting May 2023, as they will be subject to 20 percent tax.