South Korean city to seize crypto from thousands of tax evaders: Report
City authorities of Cheongju are looking to seize cryptocurrency from anyone who owes at least $750 in crypto taxes to the government. The South Korean city of Cheongju, the capital of North Chungcheong province, has said it intends to begin confiscating cryptocurrency from local tax delinquents. The administration of Cheongju has requested seven South Korean crypto exchanges to inquire into holdings of thousands of tax evaders , the local news agency Yonhap reported on Aug. 22. City authorities reportedly ordered trading platforms like Upbit and Bithumb to inquire into crypto assets of 8,520 users who owe at least 1 million won ($750) in local taxes. Following the inquiry, Cheongju authorities plan to confiscate cryptocurrency from tax delinquents, the report notes. According to the city administration, crypto currencies have been increasingly used as a means of concealing property in South Korea. This latest initiative approach aims to ensure that South Korean residents who have e...