South Korea's Gyeongnam Province collects $45.7M in back taxes via crypto seizures

According to Yonhap News, South Korea's Gyeongnam Province announced today that it has collected 62.4 billion won ($45.7 million) of its 260.1 billion won ($190.5 million) in delinquent local taxes as of May by strengthening its collection efforts against hidden assets, including virtual assets. In the first quarter of this year, the province investigated the holdings of delinquent taxpayers on the country's four major virtual asset exchanges—Upbit, Bithumb, Coinone, and Korbit—and seized the assets of 976 individuals. From this group, it collected 980 million won ($718,000) in overdue local taxes from 887 people.