Goyang City Seizes Cryptocurrency from 157 Vehicle Tax Delinquents

Seizure of 329 Million KRW from 157 Defaulters of Vehicle Mandatory Insurance and Inspection Fees

Goyang Special City, Gyeonggi Province (Mayor Lee Dong-hwan) announced on the 23rd that it has carried out seizure of cryptocurrency (virtual assets) worth 329 million KRW from 157 vehicle compulsory insurance and inspection fee defaulters.

Exterior view of Goyang Special City Hall. Provided by Goyang Special City.

The city recently focused on the movement of financial assets into the cryptocurrency (virtual asset) market and judged that cryptocurrency could be used as a means for chronic vehicle fine defaulters to conceal their assets.

Accordingly, the city requested transaction records from the four major domestic virtual asset exchanges (Bithumb, Upbit, Korbit, Coinone) for chronic defaulters with vehicle fines exceeding 1 million KRW in Gyeonggi Province, secured the data, and seized a total of 157 individuals’ assets amounting to 329 million KRW.

Through tracking and seizing cryptocurrency (virtual assets), the city expects an increase in voluntary payment rates by making defaulters aware that there is no way to avoid paying overdue fines.

A city official stated, “We will continue to use various collection methods to relentlessly pursue malicious and chronic defaulters,” and added, “We will also do our best to realize fair taxation so that sincere taxpayers are not unfairly treated.”

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