It was stated that thousands of cryptocurrencies could be confiscated in South Korea. The city of Cheongju, the capital of northern Chungcheong province, announced that it plans to seize cryptocurrencies from those who owe taxes. Authorities will put citizens who owe at least $750 in tax on their radar.
According to reports in Korean media, the Cheongju administration has asked seven South Korean exchanges to investigate the assets of thousands of tax evaders. 8,520 people from exchanges such as Upbit and Bithumb were asked to question their crypto assets. Authorities are expected to take action after investigations. The city government reported that the use of cryptocurrencies as a means of hiding property is increasing. It was stated that this initiative aimed to increase tax liability.
The Cheongju administration had received details about 16,000 crypto investors in 2022. The city government later reported that the overdue taxes of 17 people were collected. The South Korean government seized 260 billion Korean won ($180 million) worth of cryptocurrencies from tax evaders in 2021 and 2022. In 2021, the government made a regulation regarding the confiscation of cryptocurrencies within the framework of tax crimes.
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