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.

ChainCatcher news, according to Cointelegraph, the government of Paju City in Gyeonggi Province, South Korea, announced plans to seize and sell cryptocurrencies held by citizens with unpaid taxes. On November 18, local media outlet Yonhap reported that Paju officials had sent notifications to 17 individuals, with a total tax debt of 124 million won, approximately $88,600.The city warned these taxpayers that if they do not settle their debts by the end of November, their cryptocurrency assets on exchanges will be confiscated and sold.

ChainCatcher news, South Korea's Paju City has collected 100 million won (72,000 USD) in local taxes by seizing taxpayers' virtual assets. Seizing virtual assets is an active tax collection measure aimed at those who have the ability to pay but deliberately hide their virtual assets.According to the city, 64 individuals with overdue taxes exceeding 1 million won were checked to see if they had accounts at cryptocurrency exchanges, and it was found that these 64 individuals had assets worth 280 million won (approximately 200,000 USD) in their accounts. Their total outstanding amount reached 650 million won (approximately 460,000 USD). The city confiscated their virtual assets and collected 100 million won from the processing of these assets, planning to recover the remaining 180 million won through sales or collections.