Despite Delinquent Car and Property Taxes, 287 Tax Defaulters Invest in 'Bitcoin'... Additional Cryptocurrency Seizure Implemented

One Exchange That Delayed Data Submission Immediately Submitted Data
Upon Reviewing Data from One Submitted Exchange, 287 Defaulters' Cryptocurrency Worth 15.1 Billion Confirmed

[Image source=Yonhap News]

[Asia Economy Reporter Lim Cheol-young] The Seoul Metropolitan Government announced on the 25th that, following the confirmation of virtual currency holdings of 1,566 high-value tax delinquents from three major domestic cryptocurrency exchanges and the seizure of virtual currencies from 676 delinquents, it has received data from an additional exchange and begun seizing virtual currencies worth 15.1 billion KRW from 287 delinquents.

A Seoul city official stated, “We are currently reconciling the data received from Exchange D with the delinquent records, and once the delinquents are identified, we will immediately proceed with seizure. We also plan to promptly secure data and take seizure actions for the 14 other exchanges from which we have requested additional information,” he explained.

On the 23rd, Seoul announced that it had confirmed that tax delinquents held virtual currencies through three major exchanges and had prioritized the seizure of virtual currencies worth 25.1 billion KRW from 676 delinquents whose names, dates of birth, and phone numbers matched exactly.

One additional exchange that submitted data to Seoul had initially refused to provide information, citing legal review despite Seoul’s requests. In response, Seoul established a legal response plan including direct searches. A Seoul city official explained, “Despite repeated demands for data submission, the representative of the one exchange that had delayed submission called Seoul directly, stating, ‘We will actively cooperate with Seoul’s requests going forward and will send the requested data immediately,’ and then sent the data.”

According to the newly submitted data, delinquent Mr. A had outstanding taxes totaling 11 million KRW from 41 cases including automobile tax and property tax since 2015, yet was found to hold virtual currency Bitcoin Cash worth 11 million KRW. After seizure, payment will be encouraged, and if payment is not made, immediate collection actions can be taken.

Lee Byung-wook, Director of the Tax Collection Division, said, “We will hold exchanges that refuse or delay data submission legally accountable under local tax laws. Seoul will continue to actively identify various means by which unscrupulous high-value tax delinquents hide assets and ensure collection, thereby realizing tax justice and fostering an environment where sincere taxpayers are respected.”

This content was produced with the assistance of AI translation services.