The tax authorities of Jeju City in South Korea have begun arresting and confiscating cryptocurrencies from tax evaders, local media reports. The total value of blocked assets amounted to 230 million won (~$165,953). The verification affected 2,962 citizens with debts of over 1 million won (~$721), and the total amount of debts reached 19.7 billion won (~$14.2 million). Requests were sent to the exchanges Bithumb, Upbit, Coinone, and Korbit. The head of the tax office, Hwang Tae-hun, stated that authorities will continue to use crypto assets to collect debts, applying data analysis with AI to identify hidden assets.
Earlier, in Gyeonggi Province, cryptocurrency worth $47 million was confiscated from 12,000 tax evaders, marking the largest seizure in the country's history. In Paju, authorities plan to sell the assets of 17 debtors totaling 50 million won (~$35,000) if the debts are not repaid by the end of November. These measures reflect the tightening of control over the crypto market in South Korea.
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