Jeju City, the administrative hub of South Korea’s largest island, has started using cryptocurrency to collect overdue taxes.
Local tax officers are seizing and freezing digital assets from residents who have failed to pay their debts, according to a report by Newsis, a local media outlet.
Authorities looked at 2,962 individuals with tax debts amounting to about 19.7 billion won (roughly $14.2 million). Their task was to see whether any of these people were holding cryptocurrency that could be redirected toward the overdue payments.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What Are Crypto Rollups? ZKSnarks vs Optimistic Rollups (ANIMATED)
Officials worked with the country’s crypto exchanges, such as Bithumb
$22.51M
. The review found that 49 people in the group held digital assets valued at more than $166,000 in total.
Once these assets were identified, the exchanges were formally named as third-party debtors. That step allows authorities to order the freezing and transfer of the coins, using them to reduce the debts.
Tax Division Chief Hwang Tae-hoon told Newsis that the city plans to keep strengthening its actions against unpaid taxes by using digital assets and improving data analysis.
He also highlighted that artificial intelligence (AI) tools will play a role in identifying high-value delinquents, with the aim of both recovering funds and promoting consistent tax compliance.
Indonesia’s Ministry of Finance recently issued new tax regulations, No. 50/2025 and No. 53/2025, covering digital assets. What do they include? Read the full story.
