South Korea’s Jeju Seizes Crypto From Tax Evaders After Probing 3,000 Accounts

South Korean authorities on Jeju Island have intensified efforts to clamp down on tax evasion involving digital assets, seizing cryptocurrencies from approximately 40 individuals who failed to pay local taxes. The crackdown follows an extensive review of nearly 3,000 tax-delinquent accounts, uncovering 19.7 billion won ($14.7 million) in unpaid liabilities.

Officials identified 49 individuals holding around 230 million won ($172,000) in crypto across four major exchanges—Bithumb, Dunamu, Coinone, and Korbit. These platforms have been designated as third-party debtors, enabling the government to confiscate the assets. "We will track down high-value tax delinquents through AI-driven analysis," said Tax Division Chief Hwang Tae-hoon, signaling a broader shift toward tech-enhanced enforcement.

The move underscores South Korea’s hardening stance against crypto-related financial crimes, blending traditional asset seizures with emerging surveillance tools. Jeju, a tourist hotspot, now serves as a testing ground for policies that may Ripple across the nation’s digital economy.