A local report has revealed that the provincial tax department has implemented a new digital tracking system in one of South Korea's most important provinces. As the first of its kind in the country, the new system reduces process time and facilitates tracking of debtor-held crypto assets on virtual asset exchanges.
$4.6 million seized with new digital tracking system
On February 22, Yonhap News Agency reported that the Gyeonggi Province Taxation and Justice Office implemented a new system. A digital tracking system makes it “easier” for provincial tax authorities to track cryptocurrency trading accounts held by tax evaders.
Gyeonggi-do is the most populous province in South Korea, with a population of over 13 million. The Gyeonggi-do region has historically held an important political position in the country and is part of the Gyeonggi-do region, also known as the Seoul Capital Region, which consists of the metropolitan areas of Seoul, Incheon, and Gyeonggi-do.