The Gyeonggi province of South Korea’s Tax Department has announced that they successfully retrieved $4.6 million in taxes from cryptocurrency evaders in 2023.
Previously, the process had been delayed for several months due to the time-consuming task of sending official requests to trading platforms for each individual user.
However, the department has now implemented a new digital tracking system that has helped speed up the process. By tracing the registration numbers of the offenders, authorities were able to link their mobile phones to their accounts on Bitcoin exchanges.
Within just 15 days, 5,910 individuals were identified, each owing more than $2,000 in taxes from their cryptocurrency transactions.
Eventually, $4.6 million was recovered from 2,390 of them. The provincial authorities plan to continue improving their system of information exchange with crypto exchanges and implementing stricter penalties for those who refuse to cooperate.
