According to Yonhap News Agency, the South Korean city of Cheongju has opened virtual asset trading accounts in the name of local governments, allowing taxpayers who default on local taxes to sell virtual assets directly.
Since 2021, the city has seized the virtual assets of 203 taxpayers who defaulted on local taxes through measures such as a trading moratorium, but tax revenue has been limited due to a lack of means of realisation. To this end, the city has opened a virtual asset trading account in the name of the local government. If taxpayers who defaulted on taxes fail to pay, the seized virtual assets will be transferred to the municipal government account and sold directly. However, due to the large fluctuations in the price of virtual assets, the municipal government will recommend that taxpayers who defaulted on taxes sell virtual assets to pay taxes, and initiate forced sale procedures if necessary. The virtual currency seized this time is for 161 individuals who defaulted on local taxes of about 1.50 billion won. "We will do our best to recover these assets and ensure that virtual assets are no longer a means of tax evasion," said a municipal government official.
Cheongju, South Korea, has opened a virtual asset account to sell cryptocurrencies seized from tax defaulters
2025-09-20 05:57:43
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