Goyang prepares to issue insolvent digital assets for taxation

Starting from December, Goyang City (South Korea) will implement a new initiative: listing cryptocurrency assets from tax debtors on reputable exchanges for public issuance. This decision aims to optimize the tax collection process and generate additional revenue for the public budget.

Operating Mechanism and Related Platforms

Goyang City will create non-profit accounts on major exchanges such as Upbit, Bithumb, Korbit, and Coinone. Seized cryptocurrency assets will be transferred into these wallets and then sold on the market to settle the tax debt.

This method offers significant advantages over traditional tax collection approaches. It greatly reduces administrative costs and helps the city avoid risks associated with cryptocurrency price volatility during asset holding periods.

Commitment to Transparency and Legal Compliance

To ensure the legality of the program, Goyang has publicly disclosed information about the trading accounts and processing procedures. This approach not only achieves tax collection goals but also builds public trust.

Potential Impact and Challenges

It is expected that Goyang’s initiative will generate considerable revenue and diversify the city’s financial sources. However, market volatility and complex technical requirements remain obstacles to overcome.

If successful, Goyang’s model could serve as a reference for other cities worldwide seeking innovative ways to manage digital assets and improve tax collection efficiency.