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South Korean ‘Crypto Tax Crackdown’ Puts Yeongcheon in Spotlight
The South Korean “crypto tax crackdown” has reached Yeongcheon in North Gyeongsang Province. Local authorities are intensifying efforts to collect unpaid tax bills from residents.
New Tools for Tax Collection
Local tax bodies in Yeongcheon have been equipped with powerful software tools to search domestic crypto exchange data for residents’ details. This information is used to match unpaid bills with crypto wallets and bank accounts for enforcement purposes.
Enforcement Measures
The central government has granted authorities the ability to freeze wallets, seize tokens, and liquidate coins of “tax dodgers” identified through these measures. Yeongcheon plans to continue its campaign until June 28.
Asset Seizures and Vehicle Patrols
Teams in Yeongcheon are conducting patrols to identify tax delinquents, including checking residential areas, traffic hotspots, and parking lots. Vehicles belonging to tax offenders will be towed and impounded, with the possibility of being sold at public auction if taxes remain unpaid.
Verification Process
For residents claiming financial hardship, the city will verify their financial status by checking crypto wallets and investments in secondary financial institutions. Recent increases in Bitcoin prices have spurred authorities to take action against tax delinquents.
Statement from Taxation Department
Oh Young-ho, head of Yeongcheon’s Taxation Department, expressed gratitude to compliant taxpayers and emphasized the city’s commitment to boosting local tax revenues by cracking down on repeat offenders.
Similar actions have been taken in other parts of the province, with tax officials in Pohang seizing crypto assets from thousands of local tax dodgers. Nationwide efforts in 2023 resulted in the confiscation of nearly $29 million in coins and fiat from crypto wallets.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
