Gyeonggi Province Collects 5 Billion Won from Delinquent Taxpayers' Virtual Assets, Wins Presidential Award

Gyeonggi Province has collected 5 billion won by tracing virtual assets, earning the Presidential Award.

On December 10, Gyeonggi Province announced that it had received the Presidential Award at the "2025 Government Innovation Championship" hosted by the Ministry of the Interior and Safety, after presenting its achievements in innovative delinquent tax collection by combining precise tracking of virtual assets with an electronic management system for delinquent disposition.

To address the issue of delinquent taxpayers hiding assets using virtual assets, Gyeonggi Province established a "preemptive virtual asset tracking-based delinquent collection model." Through this initiative, the province identified and seized virtual asset accounts held by over 5,000 individuals. Of these, forced collection and voluntary payment were induced for approximately 1,600 people, resulting in the collection of 5 billion won.

Gyeonggi Province is taking a commemorative photo after receiving the Presidential Award at the Government Innovation Championship. Provided by Gyeonggi Province

In particular, Gyeonggi Province reduced the processing period-which previously took up to more than six months for investigation, seizure, collection, and forced sale-to just 10 days by utilizing its self-developed "Electronic Management System for Delinquent Taxpayers' Virtual Assets." This system, for which a patent application has been filed, electronically processes the entire procedure from virtual asset tracking and seizure to forced sale and release of seizure.

The Gyeonggi Province case was highly evaluated for establishing a collaborative system with virtual asset exchanges, investigative agencies, and related financial institutions, and for the achievement of administrative authorities directly tracing, seizing, and collecting assets in the new hiding space of virtual assets.

No Seungho, Director of the Tax Justice Division of Gyeonggi Province, stated, "This award is official recognition of our inter-agency collaboration model and technology-based administration," adding, "We will continue to realize tax justice through fair collection administration in which delinquent taxpayers have nowhere to hide."