Goyang City in South Korea is set to begin selling seized cryptocurrency assets to collect unpaid taxes starting in December. The city will transfer these assets from delinquent taxpayers to its exchange wallets on platforms like Upbit, Bithumb, Korbit, and Coinone, and then sell them to fund public services. This initiative aims to streamline tax enforcement, reduce administrative costs, and mitigate the impact of market volatility.
To ensure legal compliance and transparency, Goyang City has opened non-profit corporate accounts on these exchanges. The program is expected to generate faster revenue and diversify municipal funding, although it faces challenges such as market volatility and technical complexities. This approach could serve as a model for other municipalities worldwide.
Goyang City to Sell Seized Crypto for Tax Collection
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