South Korea ramps up crypto seizures, will target cold wallets

South Korea’s National Tax Service warned that cold wallets are not beyond its reach, as it will conduct home searches to combat tax evasion.

South Korea’s National Tax Service (NTS) is expanding its crackdown on tax evasion, warning that even crypto assets stored in cold wallets will be subject to seizure.

According to a report from local news outlet Hankook Ilbo, an NTS official said the agency is prepared to conduct home searches and confiscate hard drives and cold wallet devices if it suspects that tax delinquents are hiding their crypto assets offline. 

“We analyze tax delinquents’ coin transaction history through crypto-tracking programs, and if there is suspicion of offline concealment, we will conduct home searches and seizures,” the NTS spokesperson reportedly said. 

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