South Korea's National Tax Service (NTS) is expanding its crackdown on tax evasion and has warned that even crypto assets stored in cold wallets will be seized. According to the Korea Daily, NTS officials said that if tax evaders are suspected of hiding crypto assets offline, the agency is ready to conduct house searches and confiscate hard drives and cold wallet devices.
Under the country's National Tax Collection Act, the National Tax Service can request account info from local exchanges, freeze the accounts of tax defaulters and liquidate their assets at market value to cover their unpaid taxes.
South Korea increases cryptocurrency seizures, focusing on cracking down on cold wallets
2025-10-10 09:58:29
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