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Seoul's Gangnam District has intensified its crackdown on tax evasion involving Crypto Assets, recovering approximately $245,000 in taxes since the end of last year.
According to a report by Cryptonews, the Gangnam District of Seoul is strengthening tax enforcement actions against Crypto Assets holders. Since the end of last year, the district has recovered approximately 340 million won (about 245,000 USD) in unpaid taxes through the seizure of Crypto Assets. Gangnam District has collaborated with five major Crypto Assets exchanges in South Korea to seize Crypto Assets such as Bitcoin to recover unpaid taxes. District officials stated that many residents hold a significant amount of virtual assets, and after seizing these assets, the voluntary payment rate of unpaid taxes has significantly increased.