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Haeundae-gu Implements Digital System to Track Crypto Assets of Tax Evaders
Commercial Services · Financial Publishing/Services · yonhap_finance · 2026-08-06
Haeundae-gu in Busan has launched a new digital system to track and seize cryptocurrency assets held by tax evaders, marking a first for the region.
What Happened
System Launch: Haeundae-gu, Busan, has introduced an electronic management system designed to track cryptocurrency assets used by tax evaders to hide their wealth. This initiative marks the first time such a system has been adopted by a local government in Busan.
Previous Challenges: Previously, the process of seizing crypto assets involved tedious manual procedures, such as sending official letters to exchanges, often taking three to four months. This administrative burden made it difficult to effectively target persistent tax delinquents.
Operational Improvements: The new system utilizes the resident registration numbers of tax evaders to track associated phone numbers, significantly increasing the success rate of identifying hidden crypto holdings. The entire process, from tracking to seizure and collection, has been reduced to approximately 30 days.
Future Outlook: The district plans to leverage this technology to conduct rigorous collection efforts against habitual tax evaders. By streamlining these administrative procedures, Haeundae-gu aims to ensure tax compliance and improve the efficiency of its revenue recovery efforts.