Jeju City, located on the northern tip of South Korea's largest island, has carried out an extensive crackdown on residents hiding cryptocurrency assets, uncovering unpaid taxes from nearly 3,000 individuals.
Officials identified 49 people holding undeclared crypto, seizing digital assets worth 230 million won ($165,458) in a bid to recover overdue tax payments.
The investigation drew on data from South Korea’s four largest crypto exchanges—Bithumb, Upbit, Coinone, and Korbit.
By cross-referencing records of residents owing more than 1 million won ($719) in taxes, authorities were able to pinpoint accounts connected to delinquent taxpayers.
Advanced AI tools were deployed to detect hidden holdings and uncover patterns of non-compliance, allowing officials to focus on high-value targets.
The probe revealed a total of 2,962 residents owed 19.7 billion won ($14.17 million) in unpaid taxes and fines.
Jeju City has already begun freezing the crypto assets of those who failed to settle their bills, with plans to liquidate the holdings if debts remain unpaid.
Tax chief Hwang Tae-hoon stated,
“We will continue to bolster our response to tax evasion to uncover hidden assets like crypto. We will do our best to track down assets belonging to high-value tax delinquents. We will use AI-based information analysis. This will help us boost tax revenues and foster a culture of honest tax payment.”
The operation highlights how AI and data analysis are being increasingly used to enforce compliance in the digital asset space.
Similar efforts in Seoul’s Gangnam District have recovered over $144,000 this year, showing the growing reach of tech-driven tax investigations.
By collaborating with national regulatory frameworks, local authorities are now able to target undeclared crypto more efficiently, addressing the challenges posed by the often-anonymous nature of digital currencies.
The scale of the Jeju investigation raises questions about whether current reporting requirements for digital assets are sufficient.
With thousands of residents found to have unpaid taxes linked to crypto, there is a clear need for better public guidance and simplified reporting procedures.
As personal holdings in cryptocurrencies grow, local governments appear set on ensuring compliance through both technology and stricter oversight.
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