BlockBeats News, September 20th, according to Yonhap News Agency, the South Korean city of Cheongju has opened a virtual asset trading account on behalf of the local government, allowing taxpayers in arrears to directly sell virtual assets to settle local taxes. Since 2021, the city has seized the virtual assets of 203 taxpayers in arrears by measures such as suspending transactions, but due to a lack of means to liquidate these assets, tax revenue has been limited. Therefore, the city has opened a virtual asset trading account in the name of the local government. If taxpayers in arrears fail to pay, the seized virtual assets will be transferred to the city government’s account and sold directly. However, due to the significant price volatility of virtual assets, the city government will recommend that taxpayers in arrears sell their virtual assets to pay their taxes and will initiate a forced sale procedure if necessary. The virtual currency objects seized this time belong to 161 individuals, with arrears of local taxes totaling approximately 1.5 billion Korean won. A city official stated: “We will make every effort to recover these assets, ensuring that virtual assets no longer become a means of tax evasion.”
