Will South Korea Punish Crypto Tax Evaders? Kim Nam-guk’s Trial Sets a Precedent
In an eye-opening case, Recently Kim Nam-guk, a former lawmaker from South Korea’s Democratic Party is accused of hiding his crypto wealth. Prosecutors have requested to the Seoul Southern District Court a six-month prison sentence for Kim on charges of intentionally hiding a large sum of cryptocurrency in his asset declarations to the National Assembly, which he is legally required to submit. The case shows South Korea’s zero tolerance for defaulters in crypto tax-related cases.
The case is heating a crypto tax debate and how to tackle such cases in the current scenario where crypto assets are seen as a safety net by many small-scale traders and investors.
How Kim Hid His Cryptocurrency?
According to the prosecutors, Kim planned…
