In South Korea, policy towards cryptocurrency owners is becoming stricter. In particular, in the city of Pohang, municipal authorities are going to begin the process of confiscating cryptocurrency from users.
So far we are not talking about all clients of the cryptocurrency exchanges Bithumb, Upbit, Korbit and Coinone, but only about those who have debts to the tax service in the amount of $370 or more. At the moment, there are already more than 5,200 people on the blocking list, and their number is constantly growing.
If offenders are proven to be in possession of virtual assets, the associated account will be immediately blocked and transactions such as sales or withdrawals will be stopped. If the overdue tax is not voluntarily paid even after garnishment, the virtual assets will be sold on the foreign exchange market to cover the overdue taxes.
According to the head of the tax department of the Taxation Administration, Won Ki-ho, everything possible will be done to raise awareness among citizens about persistent delinquent taxpayers.
