## Gangnam-gu Collects Millions in Unpaid Taxes Through Virtual Assets Gangnam-gu, Seoul, is leading the way in recovering unpaid taxes by seizing virtual assets. In collaboration with Seoul, the district successfully accessed data from the top 5 domestic virtual asset exchanges during the first half of the year. This initiative resulted in the seizure of 210 million won in delinquent taxes and the subsequent collection of 140 million won, as reported by Herald Kyungjae. ### Virtual Asset Seizure: A Novel Approach Virtual assets have historically posed a challenge for tax authorities due to their perceived untraceability. However, Gangnam-gu pioneered virtual asset seizures among Seoul's autonomous districts last year, initially seizing 340 million won worth of assets. ### Streamlining the Virtual Asset Recovery Process Currently, delinquent taxpayers liquidate their virtual assets and remit the Korean won equivalent to settle their tax obligations. Moving forward, starting in the second quarter of this year, the use of corporate accounts by non-profit organizations will become possible. This will enable Gangnam-gu to expedite the establishment of infrastructure for transferring virtual assets to corporate wallets and directly managing their sale, further optimizing the tax recovery process. ```