South Korea Seizes $106m In Crypto From Tax Delinquents Since 2021
South Korea’s tax authority has confiscated more than 140 billion won ($106 million) in virtual assets, including Bitcoin and Ethereum, from tax delinquents over the past four years, highlighting the government’s widening use of digital assets to enforce compliance.
The National Tax Service (NTS) began seizing cryptocurrencies in 2021 from individuals who claimed to lack cash or real estate to cover overdue liabilities such as capital gains tax and inheritance tax.
Between 2021 and 2024, assets were seized from 14,140 people, according to data submitted to Democratic Party lawmaker Kim Young-jin on September 21.
The seizures were made possible by a 2018 Supreme Court ruling that recognised virtual assets as intangible property,…
