Tax officials in Jeju city, the capital of Jiju Province, South Korean island, have allegedly begun the process of freezing and occupying the crypto of people who believe they are to reduce tax needs.
According to a report on Saturday by local media outlet News, the move is part of a wider operation in which authorities investigated 2,962 people in arrears for 19.7 billion One ($ 14.2 million), to confirm that if they had to resolve the corrosion.
During the interrogation, tax officials competed through South Korea’s major crypto exchanges Bethbam, Denno’s Appt, Quinon and Corbutt data, 49 of the alleged tax divisions were combined with Crypto Holdings to more than $ 166,269.
Jeju City’s Tax Division has nominated the exchange as a third party debtor to seize and secure the coins to help pay some of the loans owed to the taxpayers allegedly.
Tax Division used AI to analyze crypto transaction data
Jeju is the largest island in South Korea and a tourist hotspot. It has a history with its crypto steps, which includes adding non -fungal token tourist cards and blockchain -based Coid -19 contact traceing app in 2021.
“The city will” strengthen our response to tax crime by using new assets such as virtual assets to fully uncover hidden tax sources, “said Jeju City Tax Division chief Huang Tai Hoon.
He added that the tax division will also continue to collect high -cost tax acquisitions through AI -based information analysis, which is trying to secure enough tax revenue and promote a culture of honest tax payment. “
Crypto exchange users in South Korea have crossed 16 million, or more than 30 % of the country’s population, which arrived in the crypto market after US President Donald Trump’s election win in November.
CRIPTO of alleged abuses on the cutting block
The South Korean government in 2021 allowed regulators to occupy crypto currencies like Bitcoin (BTC).
Related: The Bitcoin tax return can be $ 640 million from the Australian court decision
Authorities in the South Korean city of Paju, northeast of the capital Seoul, announced plans to seize and sell crypto holdings of unmanned taxes in November last year.
Meanwhile, jointly in 2022 and 2021, the South Korean government confiscated the taxpayers worth 180 million currency currency.
In 2021, Seoul’s City Administration also seized Crypto worth $ 22 million from individuals and company heads who were allegedly taxed.
Magazine: South Korean resident Tesla dumps for Ethereum Treasury Butt Mine: Asia Express
