South Korea’s Jeju City targets crypto holdings of alleged tax dodgers

The South Korean government passed laws in 2021 allowing regulators to seize crypto from accused tax delinquents.

Tax officials in Jeju City, the capital of the South Korean island province of Jeju, have reportedly started the process of freezing and seizing the crypto of those it believes to be dodging tax requirements.

The move is part of a broader operation that saw authorities investigate 2,962 individuals in arrears for a total of 19.7 billion won ($14.2 million), to confirm if they had crypto holdings that could be seized to settle the outstanding balance owed, according to a report on Saturday by local media outlet Newsis.

During the investigation, tax officials combed through data from major South Korean crypto exchanges Bithumb, Dunamu’s Upbit, Coinone and Korbit, finding 49 of the alleged tax dodgers had combined crypto holdings valued at over $166,269.