TechFlow, October 12 — According to the Korea Daily, South Korea's National Tax Service (NTS) announced it will intensify efforts against tax evasion involving crypto assets. Even cryptocurrencies stored in offline cold wallets may be subject to search and seizure. The NTS stated it will use blockchain analysis tools to track on-chain transactions of suspected tax evaders. If there is suspicion that assets have been hidden offline, authorities will conduct home searches and seize equipment such as hard drives, cold wallets, or personal computers, in accordance with the law. Data shows that over the past four years, the NTS has seized and liquidated 146.1 billion Korean won (approximately $108 million) worth of crypto assets from 14,140 delinquent taxpayers.
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