Officials in Paju City, South Korea, are targeting citizens with unpaid taxes, threatening to seize and sell their cryptocurrency holdings if debts are not settled by the end of November. As reported on November 18, the city has sent notices to 17 people regarding unpaid taxes amounting to 124 million Korean won (approximately $88,600). Paju officials asserted their determination to track down crypto assets, emphasizing that individuals cannot use cryptocurrency to evade tax obligations. This action follows a prior seizure on July 29, where tax authorities confiscated 100 million won (around $72,000) in crypto assets from delinquent taxpayers. The local government believes that some citizens are intentionally converting funds into digital assets to escape tax responsibilities despite having the means to pay. In related news, NongHyup Bank is working on a project to tokenize tax refunds, aiming to enhance trust and reduce errors in tax administration using digital assets.

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