South Korean city to seize crypto from thousands of tax evaders

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 the holdings of thousands of tax evaders, according to a report from local news agency Yonhap on Aug. 22. City authorities reportedly ordered trading platforms like Upbit and Bithumb to inquire into the crypto assets of 8,520 users who owe at least 1 million won ($750) in local taxes. According to the city administration, cryptocurrencies have been increasingly used as a means of concealing property in South Korea.

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