Gwacheon, a city in South Korea, announced plans to implement its own IT solution to capture cryptocurrency from tax evaders, allowing for reduced tax evasion.
Introduction of IT solutions in Gwacheon
Located in Gyeonggi Province, the city aims to use an electronic virtual asset capturing system to trace and seize cryptocurrencies owned by local tax evaders.
An example for other cities
This move illustrates that not only major cities and countries can enhance their measures against tax evasion. Gwacheon's action exemplifies how other cities and countries might also strengthen their tax proneness.
Enhanced city measures
In the past five years, Gwacheon has seized cryptocurrency valued at about 300 million won due to tax evasion, underscoring its serious intentions in this domain.
Gwacheon's IT solution highlights the city's intent to bolster its policy regarding digital assets, which could serve as an example for other regions.
