By Nermeen Nabil Khear In a bold move to tackle tax evasion, officials in Paju, South Korea, are turning their attention to crypto.
The city looks set to crack down on residents who owe huge amounts in taxes. Such individuals with unpaid taxes are now at risk of losing their crypto.
Paju to Seize Crypto Assets of Tax Delinquents
Paju officials announced plans to seize and sell the coins of citizens with unpaid taxes. Reports claim that city officials have warned over 15 individuals who owe 124 million Korean won (approximately $88,600) in unpaid taxes.
Authorities plan to seize their crypto assets if taxes remain unpaid by the end of November. The move shows Paju’s commitment to remind residents that crypto assets will not help them evade taxes.
Paju City to sell taxpayers’ crypto to collect overdue taxes, a first in South Korea
Paju City in Gyeonggi Province is set to become the first local government in South Korea to sell taxpayers’ virtual assets directly to collect overdue taxes. According to THE FACT, the city has…
— CoinNess Global (@CoinnessGL) November 18, 2024
While most people use coins as a means to conceal their assets, recent developments show that governments are finding ways to enforce compliance. Paju’s recent warning isn’t the first time the city is seizing crypto assets from defaulting taxpayers.
In July, officials seized 100 million won ($72,000) worth of coins from other delinquent taxpayers. The message is clear: converting money to digital assets won’t protect it from enforcement.
The Growing Challenge of Crypto and Taxes
South Korea has witnessed a rise in individuals using crypto to dodge financial responsibilities. The anonymous nature of blockchain transactions creates challenges for regulators. However, local governments like Paju are stepping up their game. By confiscating crypto assets, they aim to send a strong message about tax evasion.
Paju’s crackdown could set a precedent for other cities in South Korea and beyond. With cryptocurrencies becoming mainstream, governments will likely implement stricter measures to prevent tax evasion.
Interestingly, authorities in Detroit recently paved the way for locals to pay their taxes in crypto. The move is part of Detroit’s effort to emerge as a web3 hub.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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