Korean Police Seize Crypto For Unpaid Traffic Fines In Trial
Local police in a Seoul suburb have the power to seize crypto to clear outstanding fine balances resulting from traffic violations.
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A South Korean city near Seoul has successfully implemented a pilot program that allows police to seize crypto from the exchange accounts of individuals with traffic fines.
Gunpo, a city of about 275,000 people in the northwestern province of Gyeonggi, was selected by the national government to run the pilot program in 2022, which, according to an Aug. 16 report by JoongBoo Ilbo media , was a way to collect overdue funds in an "untact", or contactless mode.
The program appears to have been successful, at least in the first half of 2022, with Gunpo Police achieving an 88% collection rate on traffic fines totaling $668,000, which has enabled the city to far exceed its goal of chasing $759,000 in traffic fines by the end of the year.
However, the trial only saw overdue fines totaling an excess of approximately $759 by an individual subjected to crypto seizures by the police, while the crypto seizures were only one action taken if the funds in the individual's bank accounts were already depleted.
Related: Do Kwon Allegedly Hired Lawyers in South Korea to Prepare Terra Investigation
Jungo Ilbo reported that fines collected in the first half of the year already exceed total annual collections in each of the past three years.
The Korean crypto market is a lucrative market for law enforcement as it reached $45.9 billion in 2021, although the report did not indicate what crypto would be seized and sold to pay almonds.
Local police in a Seoul suburb have the power to seize crypto to clear outstanding fine balances resulting from traffic violations.
New
A South Korean city near Seoul has successfully implemented a pilot program that allows police to seize crypto from the exchange accounts of individuals with traffic fines.
Gunpo, a city of about 275,000 people in the northwestern province of Gyeonggi, was selected by the national government to run the pilot program in 2022, which, according to an Aug. 16 report by JoongBoo Ilbo media , was a way to collect overdue funds in an "untact", or contactless mode.
The program appears to have been successful, at least in the first half of 2022, with Gunpo Police achieving an 88% collection rate on traffic fines totaling $668,000, which has enabled the city to far exceed its goal of chasing $759,000 in traffic fines by the end of the year.
However, the trial only saw overdue fines totaling an excess of approximately $759 by an individual subjected to crypto seizures by the police, while the crypto seizures were only one action taken if the funds in the individual's bank accounts were already depleted.
Related: Do Kwon Allegedly Hired Lawyers in South Korea to Prepare Terra Investigation
Jungo Ilbo reported that fines collected in the first half of the year already exceed total annual collections in each of the past three years.
The Korean crypto market is a lucrative market for law enforcement as it reached $45.9 billion in 2021, although the report did not indicate what crypto would be seized and sold to pay almonds.
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