South Korean City to Seize Crypto from People Who Don’t Pay Their Water Bills

The South Korean city of Incheon says it will start confiscating crypto from residents who fail to pay their water ￰1￱ broadcaster Gyeongin Bangsong reported that Incheon Metropolitan City’s Waterworks Headquarters will run an initial one-month pilot for its program, which will be the first of its kind in the ￰2￱ Metropolitan City’s Waterworks Headquarters, in Incheon, South Korea. () Water Bills: Crypto Confiscation Pilot Begins The city will run a “special collection period for overdue water bills” from November ￰3￱ this time, it will match data on unpaid bills with data from domestic crypto exchanges such as Upbit and ￰4￱ authorities find that any of the residents with unpaid bills have crypto holdings, they will send official ￰5￱ residents fail to respond to these warnings, the city will then confiscate coins and move to liquidate ￰6￱ city said it will initially focus on individuals who have amassed unpaid water bills of over 500,000 won ($360).

These individuals represent 34% of the city’s unpaid tax bill ￰7￱ owe Incheon an estimated combined total of 813 million won ($580,260), a city official ￰8￱ Incheon city official said that people who are having difficulty paying their bills for financial reasons can apply for a deferral of ￰9￱ can also choose to pay in instalments, the official ￰10￱ Byung-hyun, the head of the Incheon City Waterworks Headquarters, said: “Water bills are an essential revenue source that is directly linked to the quality of our residents’ ￰11￱ will strive to launch this new cryptoasset seizure system, the first of its kind in the ￰12￱ will help us boost fiscal soundness and improve our management systems.” South Koreans in their 20s saw their inflation-adjusted real incomes grow by less than 2 percent per year on average from 2014 to 2024, the lowest among all age groups during that period, a report showed Monday. ￰0￱ — The Korea Herald 코리아헤럴드 (@TheKoreaHerald) September 29, 2025 North Gyeongsang Crackdown Elsewhere in the country, the newspaper Hankook Ilbo reported that North Gyeongsang Province will begin its own “special collection” period in November and ￰13￱ Gyeongsang is also hoping to seize crypto and other intangible assets during this ￰14￱ province said that “thorough investigations” into “various hidden assets,” including crypto holdings, have already yielded ￰15￱ officials said that in the first half of this year, tax agents “seized 10.2 billion won ($7.3 million) worth of assets and collected 4.9 billion won ($3.5 million) in unpaid taxes.”