South Korea’s Jeju Tax Authorities Crack Down on Crypto Tax Evaders

Authorities in Jeju City, South Korea, are freezing and seizing cryptocurrency holdings from non-paying individuals. The move comes amid increasing efforts to combat tax evasion. Regulators are increasingly treating digital assets like any other taxable property. As part of a larger investigation, police looked into 2,962 people who owed 19.7 billion won ($14.2 million) in arrears to see if they had cryptocurrency assets that may be taken to pay the remaining amount owed.