South Korea Jeju wraps the encryption probe from 2,962 tax evasion star-news.press/wp

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Jeju, in Jeju Province, the South Korean island, has completed an investigation entitled “Nearly 3000 residents with unpaid tax bills, and seized Bitcoin coins (BTC) and other metal currencies of dozens of individuals.

South Korean media Newsis mentioned This city’s tax win “whose pockets are lined with Cryptoassets.”

Jeju Crypto Campaign on tax evaders

Jeju city authorities announced on August 16 that tax officials had completed a “comprehensive investigation”. Tax officials wanted to determine whether 2,962 individuals in the city suffer from encryption possessions.

South Korean law allows national and local tax bodies to require the exchange of local encryption to deliver data for customers who suspect tax evasion.

The individuals concerned are all owe to the city with more than a million winners (more than $ 719) in unpaid tax fees and fines.

In total, tax bills due to individuals amounted to 19.7 billion WNA (14,171,845 dollars) in arrears.

The investigation witnessed that tax officials are combed through the data that it handed over the four largest encryption exchanges in the country: Bithumb, Dunamu’s Upbit, Coinone, and Korbit.

The city begins to seize the coins

Investigators confirmed that 49 individuals retain metal currencies in the encryption portfolios on stock exchanges. The city added that the total value of this encryption was 230 million winners (165,458 dollars).

The city has since used its strength to appoint the stock exchanges as a debtor to external parties, and “measures to freeze and take their assets began.”

Jeju officials are likely to make an alert warning, and tell them that if they do not immediately settle their bills, the city will move to the liquidation of coins.

The authorities also revealed that they used tools operating with the same Amnesty International to help them identify evaders of taxes and “hidden” codes. The head of taxes in the city of Jeju Hwang Tae Hon said:

“We will continue to enhance our response to tax evasion to detect hidden assets such as Crypto. We will do our best to track down assets belonging to high -value tax jokers. We will use artificial intelligence -based information analysis. This will help us increase tax revenues and enhance the culture of sincere tax payment.”

A similar campaign in the province of Gang Nam in Seoul has witnessed that tax officials recover more than $ 144,000 so far this year.