The city of Chongo, the capital of the northern province of Chugsong in South Korea and its largest city, said that it had confiscated digital currencies of 203 residents since 2021.
The South Korean news agency said that city authorities said all these residents had not tasted their local taxes.
The city also announced that it had opened a commercial account on a local digital currency platform which was not appointed, to become one of the first government agencies to advance this stage.
Several digital currencies: the city announces a direct sale of confiscated digital currencies
This procedure comes from Chongo after a recent decision of the Financial Services Committee (FSC), and the Committee gradually gives way to companies that invest in digital currencies, starting by allowing government agencies and charities to buy and sell these currencies.
The City explained that in the event that residents do not pay their taxes, it is using the obligation of digital currency negotiation platforms to reveal the data of taxpayers who are taxpayers.
While local tax organizations have the power to freeze the currencies of tax evaders, the new portfolio will give managers the power to transfer digital currencies to the city’s portfolio.
Local tax organizations have the power to freeze digital currencies belonging to taxpayers, but the new portfolio gives tax managers the possibility of directly acquiring these sales and transferring them.
On this subject, city officials said that it would be “sold directly”, then the city would turn money to its closet.
City authorities have indicated that the last campaign to pursue tax ominists led to the confiscation of tax officials of 161 people who sentence the city of approximately 1.5 billion options ($ 1.1 million).
Paris on purchase and sale as Koshi approaches 3,500https: //t.co/5fiiqkekshhh
– The Korea Times (@KoreatimesCokr) September 21, 2025
Several digital currencies: the city announces a direct sale of confiscated digital currencies
This procedure comes from Chongo after a recent decision of the Financial Services Committee (FSC), and the Committee gradually gives way to companies that invest in digital currencies, starting by allowing government agencies and charities to buy and sell these currencies.
The City explained that in the event that residents do not pay their taxes, it is using the obligation of digital currency negotiation platforms to reveal the data of taxpayers who are taxpayers.
While local tax organizations have the power to freeze the currencies of tax evaders, the new portfolio will give managers the power to transfer digital currencies to the city’s portfolio.
Local tax organizations have the power to freeze digital currencies belonging to taxpayers, but the new portfolio gives tax managers the possibility of directly acquiring these sales and transferring them.
On this subject, city officials said that it would be “sold directly”, then the city would turn money to its closet.
City authorities have indicated that the last campaign to pursue tax ominists led to the confiscation of tax officials of 161 people who sentence the city of approximately 1.5 billion options ($ 1.1 million).
More tax havens
Yonhap said the city had already been forced to use methods such as orders to suspend transactions to confiscate currencies, but the success of these campaigns was “limited” due to the absence of the city of Chongo to transform it into money.
For its part, the city authorities have confirmed that they would advise the sacrificed taxes to sell their assets from digital currencies so that they can pay their maturity bills, and add – if necessary – would take measures to liquefy these funds. According to an official of the city of Chongo:
“We will do our best to collect money due to the city, and we will make sure that the digital currency sector no longer provides tax havens to those who have not paid.”
In this context, the Gannam region in Seoul announced last month that its program of confiscation of digital currencies of tax bags has intensified.
This region houses the largest digital currency companies in the country in the country in the country, and has already been valued at 340 million options ($ 2444,480) since the end of last year.
The post is a city in South Korea which confiscates digital currencies of more than 200 residents due to the non-payment of taxes appeared first on Arab Cryptonews.