Home News Thailand warns Facebook to tackle Crypto-related Scams, As Cheongju in South Korea to Seize Crypto from Tax Evaders

Thailand warns Facebook to tackle Crypto-related Scams, As Cheongju in South Korea to Seize Crypto from Tax Evaders

Thailand warns Facebook to tackle Crypto-related Scams, As Cheongju in South Korea to Seize Crypto from Tax Evaders

The Thai government has issued a stern warning to Facebook, the social media giant, to take action against the rampant cryptocurrency scams that are plaguing its platform. The Ministry of Digital Economy and Society (MDES) said that if Facebook fails to comply with its request, it could face a possible shutdown in the country.

According to the MDES, there are more than 600 Facebook pages and groups that promote fraudulent schemes involving cryptocurrencies, such as fake initial coin offerings (ICOs), Ponzi schemes, and phishing attacks. These scams have caused significant losses to unsuspecting investors and damaged the reputation of the legitimate crypto industry in Thailand.

The MDES said that it has repeatedly asked Facebook to remove or block these pages and groups, but the company has been slow or reluctant to do so. The ministry said that it has the legal authority to order internet service providers to shut down access to Facebook if it continues to ignore its warnings.

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The MDES also urged the public to be vigilant and report any suspicious activities related to crypto scams on Facebook. The ministry said that it is working closely with the Securities and Exchange Commission (SEC), the Bank of Thailand (BOT), and other relevant agencies to combat the crypto fraud problem and protect the interests of the Thai people.

The city of Cheongju in South Korea has announced a new policy to crack down on tax evaders who hold cryptocurrency assets. According to a press release from the city government, the policy will allow the authorities to seize crypto assets from delinquent taxpayers, even if they are stored in digital wallets or overseas exchanges.

The policy is based on a legal interpretation that crypto assets are intangible property that can be confiscated by the state. The city government said that it has identified 1,566 individuals who owe more than 10 million won ($8,500) in taxes and have crypto holdings. The authorities will use various methods to track down their crypto assets, such as requesting information from local exchanges, analyzing transaction records, and collaborating with foreign agencies.

The city government said that the policy is aimed at creating a fair and transparent tax system and preventing tax evasion. It also said that it will provide guidance and education to taxpayers on how to properly declare and pay taxes on their crypto income. The policy will be implemented from September 2023.

The policy is the latest move by South Korea to regulate the crypto industry and collect taxes from it. The country has introduced a 20% tax on crypto profits above 2.5 million won ($2,100) starting from January 2024. It has also required all crypto exchanges to register with the financial authorities and comply with anti-money laundering rules by September 2023.

Crypto taxation is one of the most important and urgent issues that need to be addressed in South Korea. The current tax regime is complex, ambiguous and inconsistent, and creates a lot of uncertainty and confusion for the crypto community. By adopting more clear and consistent definitions, harmonizing tax rates and thresholds, and coordinating between national and local tax authorities, South Korea can improve its crypto taxation system, and foster a more conducive environment for the development and adoption of blockchain technology and digital assets.

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