South Korea is tightening its grip on crypto, going after both tax evasion and digital asset crimes.
From seizing hidden wealth to expanding fraud investigations, the government is making it clear that crypto is not a place for rulebreakers.
Here’s the action taken.
According to a report from Newsis, Jeju City is moving ahead with seizing cryptocurrency from around 40 people who have not paid their taxes. Officials announced that they have finished checking the digital asset holdings of these defaulters and will use seizures to recover unpaid amounts.
Notably, the city checked the crypto accounts of nearly 3,000 people who owe local taxes, adding up to 19.7 billion won. Through four major exchanges, Bithumb, Dunamu, Coinone, and Korbit, they found 49 people holding about 230 million won in crypto.
The city has now designated these exchanges as third-party debtors, giving it the authority to seize the assets and recover unpaid taxes.
Tax Division Chief Hwang Tae-hoon said the city will also use AI to go after major tax dodgers, recover tax revenue, and promote fair tax payment.
“We will do our best to track down and collect high-value tax delinquents through AI-based information analysis, striving to secure substantial tax revenue and foster a culture of honest tax payment,” he said.
Jeju, the island, is a popular tourist spot and has experimented with crypto before, with NFT tourist cards and even introduced a blockchain-powered COVID-19 tracing system.
Since 2021, South Korea has had laws allowing officials to seize crypto from unpaid taxpayers. What is changing now is the scale and speed of enforcement.
Jeju is not the only city tightening tax enforcements on crypto.
South Korea is also increasing its efforts to tackle rising crypto-related crimes.
It has officially made its Joint Investigation Unit (JIU) for Virtual Asset Crimes a permanent division under the Seoul Southern District Prosecutors’ Office. It began in 2023 as a temporary task force but was upgraded in February 2025 after a rise in crypto fraud.
The JIU now includes prosecutors and regulators from the FSC and FSS, with expanded powers to fight crypto crimes and protect investors.
These moves show that South Korea is taking strong steps to clean up the crypto space, which will protect investors and ensure that digital assets are used responsibly.
Jeju is seizing crypto from tax evaders, targeting 40 defaulters to recover unpaid local taxes.
Authorities checked 3,000 people owing 19.7B won, finding 230M won in crypto from 49 holders.
AI helps track hidden wealth, catch major tax dodgers, and boost fair tax payment enforcement.
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