Ulsan Seizes Virtual Assets from High-Value Local Tax Delinquents... 'Cryptocurrency' Restrictions Tighten, Collection Performance Soars

Ulsan City Seizes 59 Million KRW from 52 People at 3 Major Exchanges Including Bithumb

Five Defaulters Owing Over 5 Million KRW Seized, Paying 12 Million KRW

Completed Inquiry at 4 Cryptocurrency Exchanges, Pursuing 14 More

Ulsan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Cryptocurrency can no longer be used as a means of hiding assets.

For the first time in Ulsan, virtual assets of high-amount tax delinquents have been seized to collect local taxes.

On the 13th, Ulsan City announced that it had carried out the seizure of virtual assets belonging to local tax delinquents who owe more than 5 million won.

Since early April, the city has inquired about the virtual assets of 4,556 high-amount local tax delinquents from four major domestic virtual asset exchanges, and seized virtual assets worth 59 million won from 52 delinquents confirmed by three of these exchanges.

The tax collection results appeared immediately. In particular, five of them paid 12 million won in delinquent taxes right after the seizure.

The four virtual currency exchanges queried by Ulsan City are known to be Bithumb, Upbit, Coinone, and Korbit.

The seizure of virtual assets was implemented based on Article 36 of the Local Tax Collection Act (Questioning and Inspection Rights for Delinquent Disposition), following a recent Supreme Court ruling that "virtual assets can also be confiscated" and the amendment of the Act on Reporting and Using Specified Financial Transaction Information, which requires virtual asset service providers to fulfill obligations such as customer identification and suspicious transaction reporting like existing financial institutions.

Ulsan City also requested inquiries into the virtual assets of 2,317 high-amount delinquents from 14 other virtual asset exchanges on June 4, and plans to promptly seize assets as soon as data is confirmed.

An official from Ulsan City said, “As cases of delinquents using virtual (cryptocurrency) assets as a means of hiding property are increasing, we will respond swiftly to new concealment methods and thoroughly track and recover hidden assets of high-amount delinquents.”

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