Cheongju Implements Virtual Asset Sales for Tax Recovery

According to BlockBeats, Cheongju, a city in South Korea, has established virtual asset trading accounts under the local government's name to facilitate the sale of virtual assets by taxpayers who owe local taxes. Since 2021, the city has seized virtual assets from 203 taxpayers who have defaulted on their local tax payments. However, the lack of mechanisms to liquidate these assets has limited tax revenue collection. To address this issue, Cheongju has opened virtual asset trading accounts to enable the direct sale of seized assets. If taxpayers fail to settle their dues, the seized virtual assets will be transferred to the city government's account for direct sale. Given the significant price volatility of virtual assets, the city government will advise delinquent taxpayers to sell their assets to pay off their taxes. If necessary, the city will initiate a compulsory sale process. The current seizure targets 161 individuals who collectively owe approximately 1.5 billion Korean won in local taxes. A city government official emphasized their commitment to recovering these assets, ensuring that virtual assets do not become a means of tax evasion.