Gwangju City to Investigate and Seize Virtual Assets of Local Tax Delinquents

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City announced on the 26th that it will conduct special collection measures targeting high-amount tax delinquents by investigating and seizing virtual assets such as Bitcoin held by local tax delinquents.

This special collection was promoted in connection with the recent amendment of the "Act on Reporting and Using Specified Financial Transaction Information," which requires virtual asset service providers such as cryptocurrency exchanges to comply with customer identification obligations and suspicious transaction reporting duties, similar to existing financial institutions, thereby establishing a legal and institutional basis for seizing virtual assets from tax delinquents.

Gwangju City will inquire about the possession of virtual assets from four virtual asset exchanges (Bithumb Korea, Dunamu, Coinone, and Korbit) for 1,144 local tax delinquents with arrears of 5 million KRW or more, and will immediately seize the assets upon confirmation to collect the delinquent taxes.

Jung In-sik, Director of the Taxation Division of the city, said, "Local taxes are an important autonomous revenue source for local governments, so faithful tax payment must be ensured," and added, "We will conduct thorough property investigations on those who hide assets or are chronic delinquents to do our best to collect the delinquent taxes."

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