South Korean customs warn of liability for illegal import of mining equipment

The customs services of one of the largest ports in South Korea announced an increase in the import of equipment for mining cryptocurrencies and warned about the need to declare such goods.

According to Kyungin Ilbo, the customs authorities in one of the largest ports in South Korea, Incheon, announced an increase in the import of mining equipment. From October 2020 to January 2021, customs authorities in Incheon intercepted 41 shipments of cryptocurrency mining devices.

Although this number is not that high compared to imports in other countries, there was only one case of interception of mining-related cargo in South Korea in 2019. Officials believe that the sharp drop in cryptocurrency prices seen in 2019 could be the reason for low interest from South Korean miners. Nevertheless, in the current bull market, miners are again interested in buying hardware.

The customs authorities have warned that miners who do not file returns and do not pay taxes will face legal problems. The import of mining devices can be considered as “goods for personal use” if their value does not exceed $ 150.

If individuals do not declare cargo, the value of which exceeds $ 150, they may face the consequences of violating the customs legislation of South Korea. A Korean customs official quoted by Kyungin Ilbo said:

“In case of evasion of customs duties, incorrect declaration of the price and quantity of goods, or its import on behalf of several people, you can be punished for violating customs legislation.”

Recall that the other day the Financial Services Commission of South Korea (FSC) introduced new rules according to which cryptocurrency exchanges will be fined for non-compliance with anti-money laundering (AML) rules.