'Confiscation of Hidden Assets of High-Value Tax Delinquents'... Gangneung City Promotes 'Virtual Asset Seizure'

Supreme Court, "Virtual Assets Are Valuable Intangible Property"

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[Asia Economy Reporter Ra Young-cheol] Gangneung City is promoting 'virtual asset seizure' to eradicate the concealment of assets such as Bitcoin and to secure tax revenue.

According to the city on the 1st, they are currently inquiring with major domestic virtual asset exchanges about whether high-value tax delinquents with over 10 million won in non-tax revenue hold virtual assets, and will proceed with seizure immediately upon confirmation.

Since the National Tax Service recently collected 36.6 billion won through virtual asset seizures, the city intends to use this as an effective means to resolve delinquencies.

Previously, the Supreme Court ruled that "virtual asset operators are included as financial institutions and are subject to the same obligations as existing financial companies, and Bitcoin can be confiscated as intangible property with property value."

As a result, the scope of seizure on concealed assets of high-value tax delinquents has been expanded.

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