Gyeonggi-do Collects 6.2 Billion KRW by Tracking Virtual Assets of Delinquents Including Bitcoin

Gyeonggi Province has introduced the nation's first electronic management system capable of tracking virtual assets of delinquent taxpayers, identifying accounts of over 5,000 delinquent virtual asset holders in the past year and collecting 6.2 billion KRW in overdue taxes through seizure and other measures.

The virtual asset electronic management system is a comprehensive platform that handles the entire process from tracking delinquent taxpayers' accounts and assets to seizure and collection in one go.

Gyeonggi Provincial Government

Gyeonggi Province announced on the 22nd that it conducted continuous investigations over the past year targeting delinquent taxpayers with local taxes overdue by more than 3 million KRW, confirming that 5,910 delinquent taxpayers held virtual assets such as Bitcoin, and collected a total of 6.2 billion KRW in overdue taxes from 2,390 individuals by recovering Korean won held in delinquent accounts.

Gyeonggi Province is further strengthening its cooperation system with exchanges and is also considering administrative measures against some exchanges that are reluctant to submit data, including exercising the local government’s inherent authority to impose penalties for refusal or delay in responding to inquiries and inspections.

No Seung-ho, Director of the Tax Justice Division of Gyeonggi Province, stated, "We will continue to enforce strong collection measures against unscrupulous delinquent taxpayers who trade virtual assets despite claiming they have no money to pay taxes," adding, "We will do our best to protect honest taxpayers and realize fair taxation."