Local authorities in Paju, a city in South Korea’s Gyeonggi Province, are escalating efforts to recover unpaid taxes by pursuing cryptocurrency holdings of delinquent taxpayers.
The practice of evading taxes by converting funds into cryptocurrency has reportedly grown in South Korea. Paju authorities are tackling this head-on, sending a clear message to individuals using digital assets for illicit purposes.
Officials are preparing to confiscate and liquidate the cryptocurrency holdings of residents who fail to clear their debts.
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On November 18, notifications were issued to 17 individuals collectively owing 124 million Korean won, equivalent to approximately $88,600. These notices came with a warning to settle the dues by November’s end or risk losing cryptocurrency holdings stored on exchanges.
City representatives highlighted their determination to pursue tax defaulters, asserting that crypto assets will not be allowed as a shield for concealing wealth.
This initiative isn’t new to the city. In July, Paju officials seized cryptocurrencies valued at 100 million won (roughly $72,000) from tax delinquents. The recurring action indicates an ongoing struggle with taxpayers intentionally transferring funds to digital currencies to avoid meeting their financial responsibilities.
Authorities maintain that these measures target individuals with sufficient resources to pay their taxes but who convert assets into crypto to elude collection efforts.
In other news, Razzlekhan, involved in the infamous Bitfinex hack, has been sentenced to 18 months. What led to this conviction? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
