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- 🍁 Golden Autumn, Big Prizes Await!
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Cheongju, South Korea seizes cryptocurrency from over 200 residents for tax arrears.
Cheongju, the capital of North Chungcheong Province, South Korea, has seized cryptocurrency from 203 residents since 2021 for not paying local taxes. To manage these assets, the city opened a trading account on a domestic crypto exchange, becoming one of the first government agencies to do so.
According to the new regulations of the Financial Services Commission, Cheongju can directly sell seized crypto and convert it into cash for the budget. If residents continue to not pay taxes, the city may request the exchange to provide wallet data and transfer coins to an official wallet.
The recent enforcement action has seized crypto from 161 individuals with a total debt of about 1.5 billion won (1,1 million USD). Previously, seizures were limited due to difficulties in converting to cash. Cheongju is determined to end the use of crypto as a tax haven, following the example of the Gangnam district in Seoul.