Kenne Michael 
Cheongju City revealed its innovative strategy on the 22nd to combat tax noncompliance by targeting individuals evading local taxes.
Cheongju has sought out seven major cryptocurrency exchanges, including industry titans Upbit and Bithumb, to execute this strategy effectively. These exchanges have been instructed to investigate the cryptocurrency holdings of 8,520 individuals who owe more than 1 million won in local taxes. This comprehensive strategy ensures those who evaded their tax obligations are held accountable.
The upcoming procedure will entail a comprehensive analysis of the data provided by cryptocurrency exchanges. The city will take the necessary measures to seize and collect cryptocurrency assets from offenders based on the responses received. This strategic approach demonstrates the city’s dedication to enforcing taxation regulations and preserving a fiscally equitable environment.
Targeting virtual assets stems from the realization that local tax evaders can use cryptocurrencies to conceal their assets. Cheongju endeavors to ensure that local taxes are paid under regulations by utilizing blockchain technology’s inherent transparency and traceability.
In a similar endeavor undertaken the previous year, Cheongju collected delinquent taxes from 17 individuals after receiving around 16,000 requests for information on virtual property holdings. The total amount collected was 68 million won. Property seizure measures were also applied in instances of nonpayment, demonstrating the city’s commitment to fiscal integrity.