Seoul seizes cryptocurrencies from tax delinquents

The city government of Seoul has seized cryptocurrencies of 676 top tax delinquents who hid their assets in digital form, who owed the government 28.4 billion won in overdue taxes.

Seoul's tax collection department found the cryptocurrencies of 1,566 individuals and heads of companies in three cryptocurrency exchanges and seized over 25 billion won in virtual assets.

Since the cryptocurrencies were seized, 118 of the 676 have paid back 1.26 billion won.

Seoul will pursue the virtual assets of the remaining 890 people who have been identified.

According to the Seoul city government, they are continually asked by delinquent taxpayers not to sell their cryptocurrencies as they will pay their taxes.

It added that taxpayers expect the cryptocurrency values to further increase due to the recent spike in its prices. The taxpayers determined that they will gain more from paying their delinquent taxes and having their cryptocurrencies returned.

The most popular cryptocurrency forms among the tax delinquents were Bitcoin at 19 percent, DragonVein and Ripple at 16 percent each, Ethereum at 10 percent, and Stellar at 9 percent. Other cryptocurrencies accounted for 30 percent.