ChainCatcher news, according to Korean media reports, the city of Paju in South Korea announced that it will directly sell the virtual assets of land tax defaulters to collect the arrears. At present, the city government has issued virtual asset transfer and sale notices to 17 individuals who owe a total of 124 million won. If these people do not pay the arrears by the end of the month, the city government will transfer their virtual assets worth a total of 50 million won to the city government account and sell them.

Paju City has previously seized virtual assets from defaulters, but this will be the first time such assets have been sold directly, and it is also the first case among local governments nationwide. The city government said that virtual assets have spread rapidly in recent years, and defaulters often use them as a means to hide or transfer assets. This action is to convey to defaulters that assets cannot be hidden, and to track the defaulters' property for processing.