South Korea's Gyeonggi Province Collects $4.6 Million from Crypto Tax Evaders

According to CoinDesk, South Korea's most populated province, Gyeonggi, has implemented a digital tracking system for the first time in the country, helping it collect arrears from crypto tax evaders. The $4.6 million collected has been from 2,390 violators out of the 5,910 identified. The tracing and collection of the crypto accounts of the tax evaders were made possible by the implementation of a digital tracking system. The process involved using the local registration number of violators held by local governments, revealing the mobile numbers of the violators, which were then used to track the linked accounts on crypto exchanges. The system reduced the previous six-month long process of requesting case-to-case information from crypto exchanges to a mere 15 days. The system helped find 5,910 people who owed more than $2262 each. The $4.6 million collected so far has been from only 2,390 people last year. Noh Seung-ho, head of the Provincial Tax Justice Department, said, 'We will continue to take strong collection action against unscrupulous delinquents who say they do not have money to pay taxes and trade virtual assets,' according to Yonhap News Agency. South Korea has repeatedly delayed bringing its tax policies on crypto earnings while investigating some firms for tax evasion.