Goyang City in South Korea is inquiring about the virtual assets of local tax delinquents with exchanges such as Upbit to freeze their assets

ChainCatcher news, Goyang City in South Korea has stated that the use of virtual assets to evade local tax payments is becoming increasingly common. They will take action against those with significant local tax arrears by freezing their virtual assets.

According to the laws revised last year, such as the "Reporting and Use of Specific Financial Transaction Information," Goyang City can access customer information and transaction records from virtual asset exchanges. Therefore, Goyang City has introduced the "Virtual Asset Electronic Collection System" to combat tax evasion.

Currently, Goyang City has requested the three major domestic virtual asset trading platforms (Bithumb, Upbit, Korbit) to provide information on the virtual asset holdings of 10,391 individuals with significant local tax arrears. Once the information is confirmed, Goyang City plans to freeze and recover the assets of the debtors.