South Korea's ongoing saga with cryptocurrency taxation has reached a new station: the city of Yeongcheon in North Gyeongsang Province. While the country hasn't officially implemented crypto-specific taxes yet, local authorities are taking a more aggressive approach – seizing and liquidating digital assets from residents deemed "tax delinquents."

This nationwide crackdown is akin to a high-speed train, rapidly making its way across South Korea. Just like Pohang, another city in the same province, saw a similar initiative earlier this month, Yeongcheon is now firmly in the spotlight.

According to Gyeongbok Shinmun, a local newspaper, Yeongcheon city officials announced a crackdown on unpaid tax bills on April 15th. This campaign, dubbed "intensive collection activities," is armed with powerful new software. These tools allow tax authorities to meticulously comb through data from domestic crypto exchanges, searching for residents' details like needles in a haystack.

Armed with this intel, Yeongcheon's tax hawks can then match unpaid tax bills with corresponding crypto wallets and linked bank accounts. This newfound power, granted by the central government, allows them to take drastic measures against suspected "tax dodgers." Freezing crypto wallets, seizing tokens, and even forcibly selling these digital assets are all on the table.

The crackdown, however, isn't limited to the digital realm. Yeongcheon's campaign, extending until June 28th, will see the city deploy "license plate retention" teams to patrol the streets. These teams will be on the lookout for tax delinquents in residential areas, high-traffic zones, apartment complexes, and parking lots.

The consequences of unpaid taxes can be as harsh as they are swift. The city has made it clear that vehicles belonging to delinquents will be towed and impounded. If outstanding tax bills remain unsettled, these vehicles will be "immediately sold at public auction," leaving residents with a hefty financial blow.

Facing financial hardship? Yeongcheon isn't buying excuses. The city has announced it will verify claims of insufficient funds by scrutinizing not only crypto wallets but also "investments in secondary financial institutions." The recent rise in Bitcoin prices is believed to be a key motivator behind the city's actions. Gyeongbok Shinmun reports that this surge has made it more tempting for tax delinquents to invest in crypto, hence the city's focus on digital assets.

Oh Young-ho, the head of Yeongcheon's Taxation Department, expressed gratitude to residents who faithfully pay their taxes. He vowed to "boost local tax revenues by taking strong measures against repeat tax offenders," underlining the city's unwavering commitment to collecting what it deems owed.

With Yeongcheon now on board, South Korea's crypto crackdown continues its relentless march across the nation. This story serves as a stark reminder for residents: pay your taxes, or risk facing the wrath of the digital asset hunting taxman.