Since the implementation of regulations empowering the authorities to confiscate digital currencies for non-payment of tax last year, the South Korean government has seized over 260 billion Korean won worth of cryptocurrencies, which is equivalent to 180 million US dollar to recover tax arrears. The law enables the authorities to sell those seized digital currencies at market value. The digital currencies market in South Korea has grown to $45.9 billion last year, which prompted the crypto-friendly president to promise to “overhaul regulations that are far from reality and unreasonable” in crypto sector of the country.

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