The National Tax Service (NTS) of South Korea is intensifying its crackdown on tax evasion, warning that even cryptocurrency assets stored in cold wallets will face seizure.
According to the Korea Daily, an NTS official stated that if there is suspicion that tax evaders are hiding cryptocurrency assets offline, the agency will prepare to conduct on-site searches and confiscate storage devices and cold wallets.
An NTS spokesperson said, "The NTS analyzes the cryptocurrency transaction records of tax evaders through cryptocurrency tracking programs. If there is suspicion of offline hiding, on-site searches and seizures will be implemented."
Under the National Tax Collection Act, the NTS can apply to local exchanges for account information, freeze the accounts of tax evaders, and dispose of their assets at market value to repay unpaid taxes.
A cold wallet is a method of storing cryptocurrency offline. This method makes it difficult for hackers to remotely steal funds. Although it helps secure cryptocurrency assets, the NTS points out that cold wallets can also be used to hide assets, thereby increasing the difficulty of tax administration.
This statement marks a new phase in the agency's law enforcement strategy as cryptocurrency continues to gain popularity in South Korea.
The Korea Daily reported that as of June, the number of cryptocurrency investors in South Korea has approached 11 million, an increase of nearly 800% from 1.2 million in 2020.
The media also noted that during the same period, domestic trading volume grew from approximately $730 million to about $4.7 billion.
With the popularity of cryptocurrency, related tax evasion cases have also significantly increased. The agency has been taking action against tax evaders' cryptocurrency assets since 2021, seizing approximately $50 million involving 5,700 suspects.
The NTS is accelerating its efforts to crack down on cryptocurrency tax evasion. Reports indicate that over the past four years, the NTS has seized and disposed of $108 million in cryptocurrency, involving more than 14,000 individuals.
As the NTS includes cold wallets in its enforcement scope, the number of suspicious domestic cryptocurrency transactions is expected to increase significantly by 2025.
On September 22, data from the Financial Intelligence Unit (FIU) of South Korea showed that as of August 2025, domestic virtual asset service providers (VASP) had submitted nearly 37,000 suspicious transaction reports (STR).
STRs are one of the main tools for anti-money laundering (AML) in South Korea. The data shows that the number of STRs submitted in 2025 has already exceeded the total for 2023 and 2024 combined, setting a new historical high.
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Original: “South Korea Intensifies Cryptocurrency Seizures, Targeting Cold Wallets”
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