2024

Bitcoin

Challenge

<h4><strong>In a bold move to tackle tax evasion, officials in Paju, <a href="https://www.altcoinbuzz.io/?s=South+Korea" target="_blank" rel="noopener noreferrer nofollow">South Korea</a>, are turning their attention to crypto. </strong></h4>
<p>The city looks set to crack down on residents who owe huge amounts in taxes. Such individuals with unpaid taxes are now at risk of losing their crypto.</p>
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      <h5><strong>Paju to Seize Crypto Assets of Tax Delinquents</strong></h5>
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<p>Paju officials announced plans to seize and sell the coins of citizens with unpaid taxes. <a href="https://www.yna.co.kr/view/AKR20241118063000060?input=1195m" target="_blank" rel="noopener noreferrer nofollow">Reports</a> claim that city officials have warned over 15 individuals who owe 124 million Korean won (approximately $88,600) in unpaid taxes.</p>
<p>Authorities plan to seize their crypto assets if taxes remain unpaid by the end of November. The move shows Paju’s commitment to remind residents that crypto assets will not help them evade taxes.</p>
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 <p dir="ltr" lang="en">Paju City to sell taxpayers’ crypto to collect overdue taxes, a first in South Korea</p>
 <p>Paju City in Gyeonggi Province is set to become the first local government in South Korea to sell taxpayers’ virtual assets directly to collect overdue taxes. According to THE FACT, the city has…</p>
 <p>— CoinNess Global (@CoinnessGL) <a href="https://twitter.com/CoinnessGL/status/1858358567059018134?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 18, 2024</a></p>
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<p>While most people use coins as a means to conceal their assets, recent developments show that governments are finding ways to enforce compliance. Paju’s recent warning isn’t the first time the city is seizing crypto assets from defaulting taxpayers.</p>
<p>In July, officials seized 100 million won ($72,000) worth of coins from other delinquent taxpayers. The message is clear: converting money to digital assets won’t protect it from enforcement.</p>
<h5><strong>The Growing Challenge of Crypto and Taxes</strong></h5>
<p>South Korea has witnessed a rise in individuals using crypto to dodge financial responsibilities. The anonymous nature of blockchain transactions creates challenges for regulators. However, local governments like Paju are stepping up their game. By confiscating crypto assets, they aim to send a strong message about tax evasion.</p>
<p>Paju’s crackdown could set a precedent for other cities in South Korea and beyond. With cryptocurrencies becoming mainstream, governments will likely implement stricter measures to prevent tax evasion.</p>
<p>Interestingly, authorities in Detroit recently <a href="https://www.altcoinbuzz.io/cryptocurrency-news/detroit-allows-residents-to-pay-taxes-in-crypto/" target="_blank" rel="noopener noreferrer nofollow">paved the way</a> for locals to pay their taxes in crypto. The move is part of Detroit’s effort to emerge as a web3 hub.</p>
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<h6><strong>Disclaimer</strong></h6>
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses you may incur due to any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p>
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/paju-city-threatens-to-sell-crypto-for-unpaid-taxes/" rel="noopener noreferrer nofollow">Paju City Threatens to Sell Crypto for Unpaid Taxes</a> appeared first on <a href="https://www.altcoinbuzz.io" rel="noopener noreferrer nofollow">Altcoin Buzz</a>.</p>

Paju City Threatens to Sell Crypto for Unpaid Taxes

Altcoin Buzz

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