Naju-si Enforces Strong Collection of Overdue Taxes... Tracks and Seizes Cryptocurrency of High-Value Tax Delinquents

[Naju=Asia Economy Honam Reporting Headquarters Reporter Kim Yukbong] Naju City, Jeollanam-do (Mayor Kang In-gyu) announced on the 20th that it will strongly collect delinquent taxes by seizing cryptocurrencies (virtual assets) such as Bitcoin from high-amount tax delinquents.

This is because, with the increasing interest in cryptocurrencies, the number of virtual asset investors and transaction amounts have increased, leading to misuse cases such as hiding assets.

This measure is being implemented following a recent Supreme Court ruling recognizing virtual assets as intangible assets, allowing asset confiscation, and the amendment of the Act on Reporting and Using Specified Financial Transaction Information.

According to the amended Act on Reporting and Using Specified Financial Transaction Information, virtual asset service providers such as cryptocurrency exchanges must fulfill obligations like customer verification and suspicious transaction reporting, similar to existing financial institutions.

Earlier this month, the city conducted a full investigation of virtual asset holdings of 196 local tax delinquents with amounts over 3 million won through identity verification at four major domestic cryptocurrency exchanges (Bithumb, Upbit, Coinone, Korbit), and seized virtual assets worth 39 million won from three high-amount delinquents.

Other virtual asset exchanges will also implement seizure measures through prompt data acquisition, and apply legal and institutional frameworks related to delinquency and collection such as the Financial Intelligence Unit (FIU).

Kim Kyung-sook, head of the city’s tax department, said, “We will continue to strongly respond to new illegal activities such as asset concealment using virtual (cryptocurrency) assets, and will relentlessly track and recover hidden assets of high-amount tax delinquents.”

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