South Korea Tax Body Set to Seize 5,208 Crypto Traders’ Coins
South Korean tax officials in the city of Pohang plan to seize cryptocurrency from 5,208 residents who failed to pay local taxes. This move is part of a nationwide crackdown. In 2023, tax officials seized almost $29 million in coins and fiat.
South Korean tax officials in the city of Pohang plan to seize cryptocurrency from 5,208 residents who failed to pay local taxes. This move is part of a nationwide crackdown. In 2023, tax officials seized almost $29 million in coins and fiat.
The individuals have all evaded local tax bills worth $370 or above. On April 7, the city's Nam Gu (Southern District) Office announced the move as part of its "2024 Local Tax Arrears Collection Comprehensive Plan" drive.
The city aims to collect almost $5 million worth of tax arrears from citizens. Tax officials have combed through data from the four biggest domestic crypto exchanges – Bithumb, Upbit, Korbit, and Coinone – to determine that 5,208 residents who have fallen behind with their taxes own crypto.
The city plans to actively collect delinquent taxes by seizing these individuals' coins. If coins belong to "tax evaders," the city will immediately seize and freeze transaction activities such as sales or withdrawals. Citizens who do not voluntarily pay tax bills even after seizure will see their virtual assets sold on the exchange market.
