Paju City in South Korea collected 100 million won in local taxes by seizing virtual assets

ChainCatcher news, South Korea's Paju City has collected 100 million won (72,000 USD) in local taxes by seizing taxpayers' virtual assets. Seizing virtual assets is an active tax collection measure aimed at those who have the ability to pay but deliberately hide their virtual assets.

According to the city, 64 individuals with overdue taxes exceeding 1 million won were checked to see if they had accounts at cryptocurrency exchanges, and it was found that these 64 individuals had assets worth 280 million won (approximately 200,000 USD) in their accounts. Their total outstanding amount reached 650 million won (approximately 460,000 USD). The city confiscated their virtual assets and collected 100 million won from the processing of these assets, planning to recover the remaining 180 million won through sales or collections.