Paju City in Gyeonggi Province, South Korea, announced today that it will directly sell virtual assets of local tax defaulters to recover the arrears.
A city official said: "So far, we have issued notices to transfer and sell virtual assets to 17 people who owe a total of 124 million won in local taxes. If they do not pay the arrears by the end of this month, the virtual assets will be seized. The city seized the virtual assets of the violators through virtual currency exchanges. If the defaulting taxpayers do not pay the taxes by the due date, the cryptocurrencies will be sold to pay the taxes.
The city has previously seized virtual assets of defaulting taxpayers, but this is the first case of direct sale of virtual assets and the first among local governments in South Korea. (Yonhap News Agency)