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A South Korean National Tax Service official has proposed revising the Criminal Procedure Act to strengthen rules on the seizure of privately held virtual assets

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Mars Finance news: According to Digital Asset, an official from South Korea’s National Tax Service has proposed legislative amendments, saying it is necessary to revise the Criminal Procedure Act so that virtual assets held by individuals can be seized. Personal holdings of digital assets refer to cases where the private keys are held directly by the individual, without entrusting a third party to store or dispose of them. This June, four individuals including Zhang Xiyuan, head of the National Tax Service investigation team, published a paper titled “Limitations and Legislative Review of Self-Custodied Virtual Asset Seizure Execution” in the journal “Criminal Policy Research” of the Korea Institute of Criminology and Justice. The paper explains that separate requirements and procedures must be established for transfers to public wallets or for obtaining control rights. The paper first points out that when suspects or owners hold access methods such as private keys, the search warrant must clearly specify: the type and quantity of digital assets to be seized; the verified addresses; the addresses to be transferred to; the transfer method; and the storage method after transfer. In addition, due to risks such as theft when assets are transferred to wallets managed by a single institution, the paper proposes a method of transferring to a joint address jointly managed by the court and investigation agencies.
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