Jeju City uses AI and exchange data to seize $14M in crypto tax from evaders, highlighting South Korea’s crackdown on hidden digital assets.
Jeju City, the capital of South Korea’s Jeju Island, has launched a major crackdown on tax evaders hiding wealth in cryptocurrencies. Tax officials recently completed a large-scale investigation to uncover hidden digital assets. The campaign was aimed at collecting overdue taxes, as reported by Newsis. The action demonstrates the increased attention given by South Korea to crypto market control. 🧠💸
Jeju City Seizes $14M in Crypto Tax Evasion Crackdown 🚨
The probe targeted 2,962 residents who owed 19.7 billion won ($14.2 million) in unpaid taxes. The local taxes that these people had unpaid debts on included local taxes such as acquisition tax, and over 1 million won ($719). To discover undeclared assets, the authorities reviewed the information of four large crypto exchanges: Bithumb Korea, Doo Tree (Upbit), Coinone, and Korbit. This enabled them to trace cryptocurrency assets belonging to tax delinquents. 🕵️♀️
Related Reading: New York Lawmakers Propose Crypto Tax Bill | Live Bitcoin News
Because of this, 49 people were discovered in the city with crypto assets totaling 230 million won ($165,000). Jeju City, therefore, declared third-party debtors. It is a legal procedure through which authorities can freeze and confiscate assets. In case the individuals do not pay their tax bills, the city will sell the confiscated cryptocurrencies to get the outstanding payments. 💸
cryptocurrencies are not the place where tax evaders can hide. Tax evaders are under growing pressure as South Korea tightens its noose around crypto. 🚫
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2025-08-18 23:23