The authorities of the South Korean province of Köngido plan to launch an electronic system for withdrawal of virtual assets in March in order to punish taxes that deviate.

The system is designed to find cryptocurrency addresses that belong to traders that deviate taxes. The tax authorities identified 361 local residents with high income, each of which did not pay more than 3 million won to the treasury (about $ 2000). The average amount lost by officials from these crypto -investors reaches 18.8 billion won ($ 12.9 million).

The law, according to which South Korea can introduce a tax of 20% on income with cryptocurrencies was postponed until 2027. Despite the delay, the government allowed the tax authorities of some regions of the country to remove the cryptocurrency owned by South Korean traders if they are suspected of non -payment of taxes.

Before confiscating any assets, the Köngido authorities promised to warn the traders about this in advance. The head of the tax department of the province of Kan Min-A (Kang Min-AH) said that over the past five years, local authorities seized virtual assets from the deviations for 300 million won (about $ 206,000). In 2024 alone, digital assets were seized for 110 million won ($ 75,500).

According to the recent reports of Korea Bank, by the end of last year the total number of South Korean crypto -investors approached 16 million people. This is about 45% of the total economically active population of the country, the Central Bank said.