Jeju City Expands Crypto Crackdown on Delinquent Taxpayers Using AI and Bitcoin Seizures

• AI-driven tools led to the identification of 49 residents with significant crypto holdings.

• Authorities have begun freezing and seizing Bitcoin and other assets from those with overdue tax bills.

• South Korea has seized over $180 million in crypto since 2021 due to strict enforcement measures.

South Korea’s Jeju City is intensifying its crackdown on tax evasion, employing AI technology to identify and seize crypto assets from delinquent taxpayers.

What is the recent crackdown on crypto tax evasion in Jeju City?

Jeju City’s tax authorities have implemented a focused investigation targeting delinquent taxpayers to uncover hidden crypto holdings. By leveraging AI technologies, they’ve identified significant digital assets among individuals with overdue tax bills.

How did Jeju City officials conduct their investigation?

Officials examined nearly 3,000 residents with outstanding tax liabilities exceeding 1 million won (about $719). They collaborated with major exchanges including Upbit, Bithumb, Coinone, and Korbit to gather detailed asset reports, ultimately identifying crypto worth approximately 230 million won ($165,458).

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