Paju City in South Korea will sell cryptocurrencies seized from local tax defaulters.
The seized assets, valued at around ₩50 million ($37,000), will be liquidated if taxes remain unpaid by the end of November.
This marks the first time a South Korean local government has directly liquidated cryptocurrency holdings for tax enforcement.
Paju City, in South Korea’s Gyeonggi Province, has announced its first-ever plan to sell cryptocurrencies held by local tax defaulters. This marks a significant step for local governments nationwide, highlighting the increased focus on using crypto assets to ensure tax compliance.
₩124M in Unpaid Crypto Taxes at Risk
City officials revealed that 17 individuals with unpaid taxes totaling 124 million won (approximately $92,000) have been notified about the seizure of their cryptocurrency holdings. The seized assets, valued at around 50 million won (approximately $37,000), will be transferred to the city’s account and sold if the outstanding taxes are not paid by the end of November.
This announcement highlights growing concerns about using cryptocurrencies to conceal or transfer wealth. Authorities recognize that digi…
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