Ansan City, Gyeonggi Province, Collects 68 Million Won in Arrears by Introducing Virtual Asset Seizure Platform

Korea Economic Daily

Summary

Ansan City in Gyeonggi Province announced that it collected 68 million won in arrears last year by introducing a virtual asset seizure platform.
This is evaluated as part of efforts to prevent the misuse of virtual assets as a means of asset concealment.
A city official announced more strengthened measures such as forced collection in Korean won and forced sale of virtual assets.

Ansan City in Gyeonggi Province announced on the 31st that it had achieved the effect of introducing a platform by seizing virtual assets from habitual high-value delinquents last year, collecting 68 million won. Provided by Ansan City

Ansan City in Gyeonggi Province announced on the 31st that it had seized virtual assets from habitual high-value delinquents last year, collecting a total of 68 million won in arrears. This is seen as a warning against the continuous detection of cases where some delinquents misuse virtual assets as a means of asset concealment.

A city official explained, "Recently, virtual assets, which encompass coins and cryptocurrencies, are assets traded with encryption technology, and as the related market has rapidly grown, they are being misused as a means of asset concealment." "Accordingly, the city introduced a virtual asset seizure platform last August and is actively implementing the tracking and collection of virtual assets across all areas of local tax revenue," he added.

By December of last year, the city had seized about 72 million won in arrears from 193 habitual high-value delinquents, collecting 68 million won (33 million won in local taxes and 35 million won in non-tax revenue) of the arrears.

Based on the results of this virtual asset collection, the city plans to actively respond to tax evasion by delinquents with more strengthened measures such as forced collection in Korean won and forced sale of virtual assets.

Meanwhile, Mayor Lee Min-geun said, "With the introduction of the virtual asset platform seizure system, we will actively utilize it to realize fair tax administration and thoroughly establish an institutional foundation so that all citizens can faithfully fulfill their tax obligations."

Ansan = Reporter Yoon Sang-yeon syyoon1111@hankyung.com