South Korean National Tax Service officials have proposed an amendment to the Criminal Procedure Code to facilitate the seizure of virtual assets held by individuals. This proposal addresses the challenges of seizing digital assets when individuals hold private keys directly, without third-party custody. In a paper published in the journal Criminal Policy Research, officials, including Jang Hee-won, highlighted the need for clear legal provisions specifying the type and amount of assets to be seized, verified addresses, and transfer methods.
The paper suggests that transferring assets to a single institution's wallet poses theft risks, advocating instead for a jointly managed address by the court and investigative authorities. This legislative move aims to strengthen the legal framework for handling self-custodied digital assets in criminal investigations.
South Korea Proposes Law Amendment to Seize Self-Custodied Virtual Assets
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