South Korean City Plans Cryptocurrency Confiscation

Cheongju’s administration has reached out to seven South Korean crypto exchanges, including Upbit and Bithumb, to investigate the holdings of around 8,520 individuals who owe a minimum of 1 million won ($750) in local taxes.

After the investigation, authorities in Cheongju aim to seize cryptocurrency assets from such tax evaders.

Crypto have increasingly been used for hiding assets in South Korea.

Over the span of 2021 and 2022, a total of around $180 million worth of crypto were seized by the South Korean government from individuals who evaded their taxes.