The South Korean city of Cheongju has requested seven South Korean crypto exchanges to inquire into holdings of 8,520 tax evaders.
The South Korean city of Cheongju, the capital of North Chungcheong province, has said it intends to begin confiscating cryptocurrency from local tax delinquents.
The administration of Cheongju has requested seven South Korean crypto exchanges to inquire into holdings of thousands of tax evaders, the local news agency YonhapCity authorities reportedly ordered trading platforms like Upbit and Bithumb to inquire into crypto assets of 8,520 users who owe at least 1 million won in local taxes. Following the inquiry, Cheongju authorities plan to confiscate cryptocurrency from tax delinquents, the report notes.
According to the city administration, cryptocurrencies have been increasingly used as a means of concealing property in South Korea. This latest initiative approach aims to ensure that South Korean residents who have evaded their tax responsibilities are held accountable.In 2022, Cheongju administration reportedly managed to collect overdue taxes from 17 individuals after receiving details of their cryptocurrency holdings from around 16,000 crypto investors.
Tax-related cryptocurrency confiscations have increased in South Korea in recent years. In 2022 and 2021 combined, the South Korean government
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