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BTCC / BTCC Square / Global Cryptocurrency /
South Korean City Seizes Crypto from Tax Delinquents, Establishes Government Trading Account

South Korean City Seizes Crypto from Tax Delinquents, Establishes Government Trading Account

Author:
Global Cryptocurrency
Published:
2025-09-23 02:03:02
10
3
BTCCSquare news:

Cheongju, the capital of North Chungcheong Province, has confiscated cryptocurrencies from 203 residents since 2021 for unpaid local taxes. The city has taken a pioneering step by opening a trading account on a domestic exchange, leveraging recent regulatory changes that permit government entities to engage in crypto transactions.

Authorities now possess the legal framework to compel exchanges to disclose wallet data and forcibly transfer assets to municipal custody. "We will sell coins directly," officials stated, converting seized crypto into fiat for treasury replenishment. The latest enforcement action targeted 161 individuals, signaling heightened scrutiny of digital asset holdings among tax evaders.

|Square

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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