Tax officials in Jeju City, South Korea, are freezing and seizing crypto from individuals dodging taxes, investigating 2,962 people owing $14.2 million. 49 tax dodgers held over $166,269 in crypto on major exchanges like Bithumb and Upbit. Jeju Tax Division uses AI to track transactions and plans to collect more hidden tax sources.

Jeju, South Korea’s largest island, known for crypto initiatives, launched NFT tourist cards and a blockchain-based COVID-19 app in 2021. Tax Division Chief aims to uncover hidden tax sources with virtual assets. South Korea has over 16 million crypto users, attracted by market growth post-Trump election win.

South Korean government laws allow seizing crypto from tax delinquents. Authorities in Paju City also plan to seize and sell crypto holdings of taxpayers. Since 2021, South Korea confiscated $180 million in crypto from tax evaders. In Seoul, $22 million worth of crypto was seized from tax delinquents in 2021.

Authorities in South Korean cities like Jeju and Paju are cracking down on tax evaders by seizing and selling crypto holdings. The government has confiscated millions of dollars in crypto from tax dodgers since 2021. South Korea’s aggressive approach to tax collection includes seizing assets like Bitcoin.

Read more at CoinTelegraph: Korea’s Jeju City to Seize Crypto of Alleged Tax Evaders