South Korea’s National Tax Service (NTS) has announced that crypto assets stored in cold wallets will no longer be exempt from enforcement actions. Authorities stated they are prepared to carry out home searches and device seizures when they suspect tax evaders are hiding funds offline.
The move marks an escalation in South Korea’s broader push against crypto-related tax evasion. Since 2021, the NTS has confiscated more than $108 million in digital assets from over 14,000 individuals. Officials say that as adoption grows — nearly 11 million residents now hold crypto — attempts to conceal assets have also increased. Cold storage, while vital for self-custody and security, is now being scrutinized as a potential tool for concealment.
Pro-crypto voices argue that the policy should focus on transparency rather than penalizing self-custody. Industry groups in Seoul are calling for clear guidelines to ensure enforcement does not undermine legitimate users or blockchain innovation.
Source: https://v.daum.net/v/20251009070112076
Disclaimer: Crypto Economy Flash News are based on verified public and official sources. Their purpose is to provide fast, factual updates about relevant events in the crypto and blockchain ecosystem.
This information does not constitute financial advice or investment recommendation. Readers are encouraged to verify all details through official project channels before making any related decisions.
