In Paju, South Korea, authorities announced their intention to seize cryptocurrency assets from residents with unpaid taxes.
Debt Notification
On November 18, Paju officials notified 17 individuals about their tax debt of 124 million won (approximately $88,600). If these debts are not cleared by the end of November, the city plans to seize and sell their cryptocurrency holdings on exchanges.
Anti-Tax Evasion Measures
Paju authorities have made it clear that they intend to aggressively pursue the assets of tax evaders. This measure emphasizes that cryptocurrency cannot be used as a means to hide wealth. There are reports of a growing number of South Koreans using cryptocurrency to cover their debts.
Experience of Cryptocurrency Seizure
Seizing cryptocurrency from tax evaders is not new for Paju tax officials. On July 29, authorities confiscated cryptocurrency from other taxpayers valued at 100 million won (about $72,000). The decision is based on the fact that some citizens are deliberately transferring their wealth into digital assets to avoid paying taxes.
Paju authorities have to take decisive measures to combat tax evasion, including seizing crypto assets. This reflects the seriousness of the government's intentions regarding enforcing tax discipline.
