Tax officials in Jeju, the capital of the South Korean province of Jeju, apparently began the process of freezing and capturing cryptocurrencies that in his opinion avoid tax requirements.
This transfer is part of a wider operation in which the authorities examined 2962 individuals in a total value of $ 19.7 billion ($ 14.2 million) to confirm whether they have cryptographic rules that could be satisfied to resolve the outstanding balance due, According to to the report from Saturday by local media newsis.
During the investigation, tax officials combed data from the major of the South Korean exchange of BITHUMB, Upbit, Coinone and Korbit Dunam, stating that 49 alleged taxes combined cryptographic resources worth over USD 166,269.
The tax department of Jeju City designated stock exchanges as third -party debtors to start grabbing and securing coins to assist pay off the part of the debt due to the alleged tax evaders.
The tax department used artificial intelligence to analyze cryptographic transaction data
Jeju is the largest island of South Korea and a tourist hotspot. It has history with cryptographic initiatives, including the launch of not free tourist token cards and Covid-19 contact application based on blockchain in 2021.
The head of the City of Jeju, Hwang Tae-Hoon, said that the city “will continue to strengthen our response to tax crime by means of new assets, such as virtual assets to thoroughly discover hidden tax sources”, according to Newsis.
He added that the tax department would also “collect high -value tax criminals by analyzing information based on AI, striving to ensure significant tax revenues and support the culture of fair tax payment.”
Crypto Exchange users in South Korea exceeded 16 million, or over 30% of the population of the country that came to the cryptographic market after noted the boost in US President Donald Trump’s election in November.
The crypto of alleged criminals in the chopping block
The South Korean government introduced legal provisions allowing regulatory authorities to take over cryptocurrencies such as Bitcoin (BTC) against tax criminals in 2021.
Related: Australian court decision may lead to USD 640 million Bitcoin tax returns
The authorities in the South Korean city of Paju, northeast of the capital of Seoul, announced plans to take over and sell cryptocurrencies of citizens with unpaid taxes in November last year.
Meanwhile, in 2022 and 2021, the South Korean government confiscated cryptocurrencies worth $ 180 million from tax evaders.
In 2021, the city administration in Seoul also took a crypto worth $ 22 million from natural persons and the heads of the company, who were allegedly tax criminals.
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