Core Insights - The South Korean National Tax Service (NTS) has announced plans to visit the homes of crypto holders to seize cold wallets if tax bills remain unpaid [1][2] - The NTS is utilizing tracking programs to monitor non-compliant taxpayers' crypto transaction histories, indicating a shift towards more aggressive enforcement [2] - There are challenges in enforcing tax compliance for crypto assets held on overseas exchanges, as South Korea lacks agreements with key countries like the United States, China, and Russia [3] Tax Enforcement Measures - The NTS has initiated crackdowns on local tax evaders who hold crypto wallets on domestic trading platforms [1] - As of the first half of the year, 78.9 trillion won ($55.6 billion) worth of crypto has been transferred from domestic exchanges to overseas entities or individual wallets [4] - The NTS can impose "right to question and inspect" orders on individual accounts under the National Tax Collection Act, particularly in habitual non-payment cases [4][5] Challenges and Limitations - The NTS faces difficulties in tracking non-compliant taxpayers who utilize foreign crypto exchanges, as domestic laws do not apply internationally [2][3] - The Multilateral Tax Administration Cooperation Agreement allows collaboration with 74 nations, but this may not be sufficient for comprehensive enforcement [2]