S Korean City of Incheon Seizes $375,000 Worth of Crypto from ‘Tax Dodgers’ South Korea’s Incheon
says it has confiscated $375,000 worth of cryptoassets from “tax-evading” residents who tried to hide their earnings in token wallets. Per the media outlet Newsis,
the city collected the combined sum from 298 people. The media outlet noted that the city
“confiscated virtual currencies such as Bitcoin (BTC).” Citizens will likely be given the choice of paying tax bills
and associated fines or seeing their coins liquidated and sold off. The move is part of an ongoing, region-by-region crackdown on crypto-holding tax “dodgers” involving both central and local tax agencies. The National Tax Service (NTS)
has added a range of new crypto monitoring tools to its arsenal in the past few years, as has the customs service. Incheon’s tax service also confiscated
a range of other assets, including bonds, bank safety deposit boxes, and “hidden financial assets at secondary financial institutions.” In total, the city raised over $43.6 million from tax evaders living in Incheon in FY 2023.
