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<ul><li>Gangnam District pioneers virtual asset seizures for tax evasion, targeting 2,000 delinquents owing 20.9B won.</li><li>Rising cyber fraud affects older adults, with cases increasing from 2,796 in 2019 to 11,435 last year.</li><li>Seoul&#39;s city government urges caution against fraud, advising checks on multilevel marketing company registrations.</li></ul>Seoul’s Gangnam District is set to<a href="https://news.tvchosun.com/site/data/html_dir/2024/08/06/2024080690047.html" rel="noopener noreferrer nofollow"> lead</a> the South Korean capital in tackling tax evasion through the seizure of virtual assets. This initiative, spearheaded by Gangnam-gu’s district mayor Cho Seong-myeong, marks the district as the first in Seoul to employ such measures against tax delinquents.The campaign, beginning this month and extending through October, aims to identify and seize digital assets, including Bitcoin, from individuals who have evaded tax obligations. Gangnam-gu has targeted nearly 2,000 tax delinquents, whose unpaid taxes amount to approximately 20.9 billion won. The district plans to conduct a thorough examination of virtual asset holdings by cross-referencing data from major exchanges like Upbit, Bithumb, and Korbit with records of tax evaders. This approach is intended to ensure that tax delinquents are held accountable by locating their digital assets and enforcing financial penalties.In addition to the crackdown on tax evasion, there is an urgent need to address the rising concerns about virtual asset-related <a href="https://cryptotale.org/andrew-left-pleads-not-guilty-to-fraud-amidst-crypto-market-manipulation-charges/" rel="noopener noreferrer nofollow">fraud</a>. Recently, special police officers from the Seoul Metropolitan Government highlighted a significant increase in crimes targeting older adults and homemakers. These groups are particularly vulnerable due to their limited understanding of digital currencies and online transactions.<a href="https://cryptotale.org/seouls-gangnam-takes-the-lead-in-seizing-virtual-assets-from-tax-delinquents/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Seoul’s Gangnam Takes the Lead in Seizing Virtual Assets from Tax Delinquents

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