South Korea to check crypto holdings of customs delinquents owing over $8K

South Korea’s Korea Customs Service will regularly check whether people who owe more than 10 million won ($7,400) in unpaid customs duties hold virtual assets, and may seize assets held not only in exchange accounts but also in personal wallets to cover the delinquent amount, SBS Biz reported. Under a new directive that took effect on Sept. 28, the agency must check holdings at major cryptocurrency exchanges at least once a year when unpaid customs duties total 10 million won or more. About 1,100 people are currently subject to the measure, and the Korea Customs Service plans to conduct a regular review at the end of this year, according to SBS Biz.