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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, based on a report by Newsis, a neighborhood 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 had been holding cryptocurrency that may very well be redirected towards the overdue funds.
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Officers labored with the nation’s crypto exchanges, similar to Bithumb
$1.36B
, Upbit
$3.2B
, Coinone
$133.37M
, and Korbit
$22.66M
. The evaluation discovered that 49 individuals within the group held digital belongings valued at greater than $166,000 in whole.
As soon as these belongings had been recognized, the exchanges had been formally named as third-party debtors. That step permits authorities to order the freezing and switch of the cash, utilizing them to scale back the money owed.
Tax Division Chief Hwang Tae-hoon advised Newsis that the town plans to maintain strengthening its actions towards unpaid taxes through the use of digital belongings and enhancing information evaluation.
He additionally highlighted that synthetic intelligence (AI) instruments will play a job in figuring out high-value delinquents, with the goal of each recovering funds and selling constant tax compliance.
Indonesia’s Ministry of Finance not too long ago issued new tax laws, No. 50/2025 and No. 53/2025, protecting digital belongings. What do they embody? Learn the total story.
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