Cheongju City begins sale of virtual assets held by local tax delinquents… 37 people targeted, worth 170 million won
Summary
- Cheongju City said it would seize and sell 170 million won worth of virtual assets held by 37 local tax delinquents.
- The city said this sale is the first case in which Cheongju converts virtual assets into cash and handles them as revenue.
- It was reported that the 2022 amendment to the Local Tax Collection Act established the legal basis for selling virtual assets.
Cheongju, North Chungcheong Province will directly sell virtual assets (cryptocurrency) held by major habitual local tax delinquents to collect unpaid taxes.
On the 8th, industry sources said Cheongju plans to seize and sell a total of 170 million won worth of virtual assets held by 37 delinquents. The city is proceeding with the sale procedures focused on delinquents who still do not show willingness to pay after seizure, and it is reported that since last October it finalized the targets after going through sale notice, objection filing, and explanation procedures.
This sale is the first case in which Cheongju converts virtual assets into cash and directly treats them as local revenue. In 2022, a regulation related to virtual assets was newly added to Article 61 of the Local Tax Collection Act, providing a legal basis to recover unpaid taxes through sale.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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