S.Korea cracks down on crypto tax dodgers

Tightening grip: A representation of virtual currency bitcoin is seen in front of a stock graph in this illustration. South Korea is ramping up legislation on virtual money to minimise fraud. ― Reuters

SEOUL: South Korea will look to tighten a crackdown on tax evasion by cryptocurrency investors and high-income earners as it seeks fresh revenue to cover rising welfare costs, its finance ministry said yesterday.

The government proposes revising tax codes so that tax authorities will be able to seize crypto assets held by tax dodgers even if their cryptocurrencies are stored in digital wallets, starting next year.