• Gyeonggi is the most populous province in South Korea. It has been the first to implement a digital tracking program that helped collect tax arrears.
  • Out of 5,910 violators, 2,390 were found to be responsible for the $4.6 million.

According to Yonhap News Agency’s local report, South Korea‚Äôs most populous province, Gyeonggi has collected $4.6 Million from crypto tax evaders.

A digital tracking system is being implemented for the first in the country to enable the tracing of crypto accounts and their collection.

This was done by using the local registration numbers of delinquents (as they are called in South Korea) held by local government. The mobile numbers of violators were revealed, and these numbers were used to track linked accounts at crypto exchanges. The system has reduced the six-month-long process of requesting information from crypto exchanges down to just 15 days.

The system found 5,910 individuals who each owed over $2262. Only 2,390 people owed $4.6 million last year.

Noh Seung Ho, the head of the Provincial Tax Justice Department told Yonhap News Agency that “we will continue to take strong action against delinquents” who claim they don’t have enough money to pay their taxes or trade virtual assets.

South Korea has consistently delayed its tax policy on crypto earnings while is investigating certain firms for tax evasion .

Read more: South Korea’s ruling and opposition parties make crypto-related poll promises ahead of elections

Parikshit Miishra is the editor.