A recent local report detailed how the provincial government in a significant region of South Korea has introduced a new digital monitoring system in their tax department. The new system, which is the first of its kind in the country, shortens the time it takes for the process and makes it easier to keep track of cryptocurrency assets owned by debtors on virtual asset exchanges. In other news: Korean celebrities are implicated in a coin fraud scandal involving cryptocurrencies. $4.6 million confiscated with assistance of innovative digital monitoring technology. A new system was implemented by the Gyeonggi Provincial Tax Justice Department, as reported by Yonhap News Agency on February 22. The provincial tax authorities can now more easily monitor crypto exchange accounts used by tax evaders thanks to the digital tracking system. Gyeonggi is the province in South Korea with the highest population, totaling more than 513 million people. The Gyeonggi-do region has long held significance in politics and is a part of the larger Gyeonggi area, also referred to as the Seoul Capital Area. This region includes Seoul, Incheon, and the Gyeonggi province. Local reports state that the provincial tax department used to rely on residential registration to gather information on debtors’ assets, such as transfers and sales. Furthermore, tax authorities utilized phone numbers provided by local governments to identify individuals who are not compliant with tax regulations on virtual asset exchanges. The Gyeonggi tax department subsequently verified this information with crypto exchanges involved in each specific case.