Bloomberg Tax
Free Newsletter Sign Up
Bloomberg Tax
Welcome
Go
Free Newsletter Sign Up

Bitcoin, Other Crypto Assets Seized by Seoul Tax Authority

April 23, 2021, 1:43 PM

The government of Seoul said Friday that it had seized cryptocurrency assets worth more than $22 million from hundreds of delinquent taxpayers.

The city’s Tax Collection Division said it had locked up the assets of 836 individuals and 730 corporate representatives in the form of digital currencies such as Bitcoin and Ethereum on three major crypto exchanges. Of those, the crypto assets of 676 were immediately seized.

  • The seizure of 25.1 billion won ($22.5 million) marked the first such action by a local government in South Korea.
  • The city said it had blocked the accounts first, giving delinquents ...