Incheon to track crypto assets of residents with overdue water bills

The waterworks authority in Incheon, South Korea, will become the first in the nation to pilot a virtual asset tracking system to collect overdue water bill payments, Dailyan reported. The initiative will run from Oct. 1 to Nov. 30 as part of a special collection period for the second half of the year. The authority expects the system to significantly improve collection effectiveness over traditional property seizure methods. The process will involve checking accounts on major South Korean exchanges like Upbit and Bithumb to identify hidden assets and seize any Korean won balances held by delinquents.