Paju City in South Korea will collect overdue taxes by selling the virtual assets of tax delinquents

ChainCatcher news, according to South Korean media reports, the city of Paju in South Korea has announced that it will directly sell the virtual assets of tax delinquents to collect overdue taxes. Currently, the city government has issued notifications for the transfer and sale of virtual assets to 17 individuals who owe a total of 124 million won. If these individuals do not pay their overdue taxes by the end of the month, the city government will transfer their virtual assets, valued at a total of 50 million won, to the city government account and sell them.

Paju has previously seized the virtual assets of delinquents, but this will be the first time that such assets are directly sold, making it a first among local governments nationwide. The city government stated that in recent years, virtual assets have rapidly proliferated, and delinquents often use them as a means to hide or transfer assets. This action is intended to convey the message that assets cannot be hidden and will track the property of delinquents for processing.