South Korea to toughen rules to collect cryptocurrencies from tax dodgers

FILE PHOTO: Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken June 29, 2021. REUTERS/Dado Ruvic/Illustration

SEOUL (Reuters) - 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 on Monday.

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.