South Korean YouTuber Received “Millions of Dollars” Worth of Undeclared Crypto Income

South Korea Tax

Author

Tim Alper

Author

Tim Alper

About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

Author Profile

Share

Copied

Last updated:

June 26, 2023 06:55 EDT

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

A South Korean YouTuber received “millions of USD” worth of undeclared crypto income, tax officials have stated – following a recent crackdown on social media-based “tax dodgers.”

KBS reported that the National Tax Service (NTS) had launched an “intensive tax investigation” into 84 people, including “popular YouTubers and web-based cartoon (“webtoon”) writers.

And the NTS investigation appears to have borne fruit – finding evidence of “all kinds” of “tax evasion techniques.” Such “techniques” appear to have involved asking fans and subscribers to pay for content in crypto.

The NTS explained that one case involved a notable YouTuber who specializes in giving stock trading advice. The YouTuber, the tax body said, offered subscribers access to private investment training videos – and asked for payment in cryptoassets.

The YouTuber “received millions of USD” worth of coins in this manner, and also used “borrowed-name” bank accounts to process payments from customers.

But the YouTuber failed to declare any of their income – and actively “evaded reporting,” the NTS said.

Webtoon writers also often ask their readers for donations in both cash and crypto.

South Korean Crypto Tax Crackdown – YouTuber Latest to Be Caught

South Korean tax bodies have attempted to crack down on individuals who fail to report income in recent years. They are particularly keen to monitor people who have attempted to evade declaration by buying or receiving crypto.

They have been aided in their efforts by politicians. Recent legal amendments allow the NTS to access account information from domestic crypto exchanges.

And this has helped them trace and seize billions of USD worth of undeclared income from almost 6,000 individuals. In some cases, the NTS has forcibly liquidated coins.

Local tax bodies have also been proactive in these efforts. Last year, the NTS said it had seized a combined total of $186 million worth of crypto from tax evaders in the period 2020 to 2022.