The Gangnam District of Seoul has strengthened its crackdown on cryptocurrency tax evasion, recovering approximately $245,000 in taxes since the end of last year

ChainCatcher news, according to Cryptonews, the Gangnam District of Seoul is strengthening tax enforcement actions against cryptocurrency holders. Since the end of last year, the district has recovered approximately 340 million won (about 245,000 USD) in unpaid taxes through the seizure of cryptocurrencies. Gangnam District has collaborated with five major cryptocurrency exchanges in South Korea to seize cryptocurrencies such as Bitcoin in order to recover unpaid taxes. District officials stated that many residents hold significant virtual assets, and after seizing these assets, the voluntary payment rate of unpaid taxes has significantly increased.