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- The city authorities have requested that cryptocurrency exchanges examine the assets of 8,520 individuals.
- The local administration asserts that cryptocurrency is increasingly being utilized to conceal wealth.
It has been declared that digital assets belonging to tax evaders will be seized in Cheongju, the capital of North Chungcheong province, South Korea. Local news source Yonhap reported on August 22 that the Cheongju administration has reached out to seven cryptocurrency exchanges in the country to scrutinize the holdings of numerous tax evaders.
City officials have reportedly asked Upbit and Bithumb, two cryptocurrency exchanges, to look into the assets of 8,520 individuals who are at least 1 million won ($750) in arrears on their city taxes. Authorities in Cheongju are said to intend to confiscate cryptocurrencies owned by tax evaders once the investigation into this matter is completed.
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Furthermore, the local administration contends that cryptocurrency is being increasingly utilized to conceal wealth in South Korea. The aim of this new initiative is to hold accountable those South Korean residents who have evaded paying their fair share of taxes.
Following the collection of data regarding the cryptocurrency holdings of approximately 16,000 crypto investors in 2022, the Cheongju government reportedly retrieved back taxes from 17 individuals. The city collected 68,000,000 won, roughly $51,000. In recent years, the South Korean government has intensified the confiscation of digital currencies for tax-related reasons.
These seizures took place shortly after the South Korean government enacted legislation in 2021 that empowered tax authorities to confiscate cryptocurrencies held by tax evaders. The seizure of cryptocurrency from tax evaders is not limited to South Korea. In 2022, tax authorities in Argentina confiscated over a thousand crypto wallets belonging to tax evaders.
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