South Korean City To Sell Virtual Assets For Tax Recovery

According to Odaily, the city of Paju in Gyeonggi Province, South Korea, has announced plans to directly sell virtual assets belonging to individuals with outstanding local tax debts. A city government official stated that notifications have been sent to 17 individuals who collectively owe 124 million Korean won in local taxes. If these debts are not settled by the end of the month, the virtual assets will be seized. The city has identified and secured the virtual assets of these tax delinquents through cryptocurrency exchanges. Should the taxpayers fail to pay their dues by the specified deadline, the seized cryptocurrencies will be sold to recover the owed taxes. This marks the first instance of a local government in South Korea directly selling virtual assets to address tax arrears, setting a precedent for similar actions in the future.