South Korean Tax Officials Urge Criminal Procedure Law Revision for Seizing Self-Custodied Crypto

South Korean National Tax Service officials have proposed revising the Criminal Procedure Act to allow the seizure of personally held virtual assets, according to Digital Asset. According to ChainCatcher, the proposal argues that separate rules are needed for transferring assets to public wallets or obtaining control of them. In June, four people including Zhang Xiyuan, head of the National Tax Service investigation team, published a paper in the Korean Institute of Criminology and Justice journal Criminal Policy Studies. The paper said warrants should clearly specify the type and amount of digital assets to be seized, the verified address, the destination address, the transfer method, and how the assets will be stored after transfer. The paper also noted that moving assets to a wallet managed by a single institution could create theft risks. It proposed using a joint address jointly managed by the court and investigative authorities instead.