Gangnam Recovers 310 Million Won in Crypto Assets from Tax Evaders
CryptoNewsTerminal Staff04 Sep, 2024
Gangnam Recovers 310 Million Won in Crypto Assets from Tax Evaders
Gangnam-gu Office in Seoul has successfully confiscated 310 million won worth of virtual assets from 52 tax delinquents. This marks the first time that a South Korean government agency has seized crypto assets to collect unpaid taxes. The office partnered with Upbit, Bithumb, and Cobit cryptocurrency exchanges to identify and seize virtual assets belonging to high-value tax delinquents. The target group consists of 1,991 individuals with unpaid taxes exceeding 3 million won, totaling 20 billion won. The Gangnam-gu Office is actively pursuing the confiscation of virtual assets from additional tax delinquents to recover unpaid taxes and promote compliance. This move underscores the government's commitment to combating tax evasion and leveraging technology to enhance tax collection efforts.
