Gangnam-gu to Seize Virtual Assets of Tax Delinquents

Gangnam-gu to Seize Virtual Assets of Tax Delinquents

Gangnam-gu, a district in Seoul, South Korea, is set to become the first autonomous district in the city to seize the virtual assets of tax delinquents. The move comes as part of a broader effort by the South Korean government to crack down on tax evasion and promote the use of digital currencies. According to a report by TV Chosun, Gangnam-gu plans to search for and seize virtual assets of tax delinquents, such as Bitcoin, from this month until October. The investigation will target 1,991 tax delinquents who owe more than 3 million won (approximately $2,700) in taxes, amounting to a total of 20.9 billion won (approximately $18.9 million) in unpaid taxes. The district plans to obtain data from three major virtual asset exchanges with large transaction volumes (Upbit, Bithumb, and Coinbit) and compare it with the data on tax delinquents to identify the targets of the seizure. The move by Gangnam-gu is a significant step in the fight against tax evasion in South Korea. The use of virtual assets has made it easier for individuals to hide their income and avoid paying taxes. However, the government is taking steps to crack down on this practice and ensure that all taxpayers pay their fair share. The seizure of virtual assets by Gangnam-gu is also a sign of the growing acceptance of digital currencies in South Korea. The government is increasingly recognizing the potential of virtual assets and is taking steps to regulate and promote their use.