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South Korea’s Goyang City Seizes Crypto Worth Over $228,000 from Traffic Offenders
South Korea’s Goyang City Seizes Crypto Worth Over $228,000 from Traffic Offenders
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The South Korean city of Goyang has seized cryptoassets worth over $228,000 from residents who failed to pay traffic fines. The city, a satellite of Seoul, announced it had taken the coins from crypto wallets belonging to 157 Goyang residents. This move is a departure for local governments and provincial tax offices in South Korea, which have mainly used their powers to recover unpaid local tax bills. In recent years, South Korean cities and provinces have made use of new powers to force domestic crypto firms to hand over crypto wallet data pertaining to their residents.
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