Jeju Metropolis, the executive hub of South Korea’s largest island, has began utilizing cryptocurrency to gather overdue taxes.
Native tax officers are seizing and freezing digital belongings from residents who’ve didn’t pay their money owed, in keeping with a report by Newsis, an area media outlet.
Authorities checked out 2,962 people with tax money owed amounting to about 19.7 billion gained (roughly $14.2 million). Their activity was to see whether or not any of those individuals have been holding cryptocurrency that could possibly be redirected towards the overdue funds.
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Officers labored with the nation’s crypto exchanges, resembling Bithumb
$1.34B
, Upbit
$3.18B
, Coinone
$131.3M
, and Korbit
$22.25M
. The assessment discovered that 49 individuals within the group held digital belongings valued at greater than $166,000 in complete.
As soon as these belongings have been recognized, the exchanges have been formally named as third-party debtors. That step permits authorities to order the freezing and switch of the cash, utilizing them to cut back the money owed.
Tax Division Chief Hwang Tae-hoon instructed Newsis that town plans to maintain strengthening its actions towards unpaid taxes through the use of digital belongings and enhancing knowledge evaluation.
He additionally highlighted that synthetic intelligence (AI) instruments will play a task in figuring out high-value delinquents, with the purpose of each recovering funds and selling constant tax compliance.
Indonesia’s Ministry of Finance just lately issued new tax rules, No. 50/2025 and No. 53/2025, masking digital belongings. What do they embrace? Learn the complete story.
