According to ChainCatcher, Yonhap News Agency reported that Cheongju City in South Korea opened a virtual asset trading account in the name of the local government, allowing taxpayers who owed local taxes to directly sell virtual assets.
Since 2021, the city has seized virtual assets from 203 taxpayers who owed local taxes through measures such as suspending transactions, but tax revenue has been limited due to the lack of means of liquidation. To this end, the city opened a virtual asset trading account in the name of the local government. If the taxpayer in arrears fails to pay, the seized virtual assets will be transferred to the city government account and sold directly. However, due to the large fluctuations in virtual asset prices, the city government will recommend that taxpayers in arrears sell virtual assets to pay taxes and initiate forced sale procedures if necessary. The virtual currencies seized this time are from 161 individuals who owe approximately 1.5 billion won in local taxes. A city official said: "We will do our utmost to recover these assets and ensure that virtual assets no longer become a means of tax evasion."
