Jeju City Cracks Down on Tax Evasion by Seizing Crypto Assets
South Korea's Jeju City has frozen and seized cryptocurrency holdings from 49 individuals owing over 230 million won ($166,269) in back taxes. This action, targeting a total of 19.7 billion won ($14.2 million) in arrears, utilizes exchanges like Bithumb and Upbit as third-party debtors. Jeju's Tax Division plans to expand its use of AI and virtual assets for tax collection. This move aligns with a national trend, with South Korea having seized approximately $180 million in crypto from tax evaders since 2021.