Data: South Korea has seized $106 million worth of cryptocurrency from tax evaders since 2021

Since 2021, South Korean tax authorities have seized over 140 billion won (106 million USD) in virtual assets, including bitcoin and ethereum, from tax evaders, highlighting the government's increasing use of digital assets to enforce compliance. The National Tax Service (NTS) of South Korea began confiscating cryptocurrencies in 2021 from individuals who claimed to have no cash or property to pay overdue debts, such as capital gains tax and inheritance tax. According to data submitted to Democratic Party lawmaker Kim Young-jin on September 21, a total of 14,140 individuals had their assets seized between 2021 and 2024. These seizures were made possible by a 2018 Supreme Court ruling that recognized virtual assets as intangible property, similar to stocks or copyrights, and therefore subject to confiscation.