South Korea Intensifies Fight Against Crypto Tax Evasion

South Korea’s National Tax Service is stepping up its efforts to tackle cryptocurrency tax evasion. Officials warn that assets held in cold wallets, including those stored offline, could face seizure if suspicion arises of hidden crypto holdings. In order to pursue potential evaders, authorities are authorized to conduct home searches and seize hard drives and cold wallet devices. These actions can be taken under the National Tax Collection Act which grants them the power to request account information from local exchanges, freeze accounts, and liquidate assets as a means of covering tax liabilities.