Kraton Performance Polymers

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Local South Korean government threatens liquidation of tax defaulters’ exchange-held crypto

CoinMarketCap

·

20 Nov 2024

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Tax officials in the jurisdiction notified the alleged defaulters of their pending tax arrears and warned that they could sell their digital assets if they failed to pay their taxes by the end of November.A local government in Paju City, the Gyeonggi Province of South Korea, has warned 17 individuals that it will sell their digital assets if they fail to pay their taxes before the end of November.South Korean local government seizes digital assets from 17 individuals. For the first time, a local government in South Korea has warned that it can directly sell cryptocurrencies held by tax defaulters on exchanges.Similar instances have occurred in other parts of the world where authorities have turned a keen eye on cryptocurrencies as a medium of tax evasion. The Kenya Revenue Authority  began procuring a digital tax system that will capture crypto transactions that have not been considered 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