South Korean ‘Crypto Tax Crackdown’ Expands: Yeongcheon in the Spotlight The South Korean “crypto tax crackdown” is on the move again, this time targeting Yeongcheon in North Gyeongsang Province.
While crypto trading profits remain untaxed, authorities are taking
aggressive action against those with unpaid tax bills,
seizing and liquidating digital assets.
Armed with new software tools,
local tax bodies can now track down tax evaders by combing through exchange data and matching it with wallets and bank accounts.
Yeongcheon is wasting no time, launching an
intensive collection campaign that will run until June 28.
Not just digital assets, but also cars are under scrutiny.
License plate retention teams will be on the prowl, ready to tow vehicles of tax delinquents.
Citizens claiming financial hardship
will face scrutiny as well, with their crypto wallets and investments coming under the microscope.
The recent surge in Bitcoin prices has spurred action, as officials fear tax dodgers may be investing their gains in cryptoassets.
Oh Young-ho, head of Yeongcheon's Taxation Department,
vows to take strong measures against repeat offenders to boost local tax revenues.
