South Korean City Seizing Crypto from Tax Evaders - Latest AI Technology and Web 3.0
South Korean city to seize crypto from thousands of tax evaders: Report

Using Crypto to Conceal Assets in South Korea

The South Korean city of Cheongju, the capital of North Chungcheong province, is taking steps to confiscate cryptocurrency from local tax delinquents. According to the city administration, cryptocurrencies are being used increasingly as a means of concealing property in South Korea.

Yonhap news agency reported that the Cheongju administration has requested seven South Korean crypto exchanges, such as Upbit and Bithumb, to inquire into holdings of thousands of tax evaders who owe at least 1 million won ($750) in local taxes. After the inquiry, the city intends to confiscate cryptocurrency from tax delinquents.

This initiative is aimed at making sure that South Korean residents who have evaded their tax responsibilities are held accountable. It is part of the latest advances in AI and machine learning technology, as well as the development of Web 3.0, that are making it easier to identify and track crypto assets.

Cryptocurrency Confiscations Increase in South Korea

Upbit and Bithumbdid not respond to Cointelegraph’s request for comment.

In 2022, the city administration of Cheongju was able to collect 68 million won ($51,000) in overdue taxes from 17 individuals after receiving details of their cryptocurrency holdings from around 16,000 crypto investors.

Tax-related cryptocurrency confiscations have become more common in South Korea in recent years. In 2022 and 2021 combined, the South Korean government confiscated as much as 260 billion Korean won ($180 million) worth of cryptocurrencies from tax evaders. In 2021 alone, the city administration of South Korea’s capital Seoul seized crypto worth 25 billion won ($22 million) from individuals and company heads.

The seizures came shortly after the South Korean government in 2021 passed laws allowing regulators to seize cryptocurrencies like Bitcoin (BTC) from tax delinquents.

Not only South Korea, but also Argentina and the United States have been seizing cryptocurrencies from tax evaders. Last year, Argentina’s tax authority confiscated more than 1,000 digital wallets associated with delinquent taxpayers in the country. According to Robert Wearing, IRS deputy associate chief counsel, the Internal Revenue Service also practices confiscation of crypto from tax evaders.

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