The South Korean National Tax Service plans to select a professional custody company in the first half of the year to manage seized virtual assets

According to ZDNET, the Korean National Tax Service plans to select a private custody company in the first half of the year to manage seized virtual assets.

Previously, the National Tax Service leaked mnemonic phrases when announcing the results of on-site searches of delinquents, leading to the theft of seized virtual assets twice. As a result, it was decided to shift from self-custody to entrusting professional custody companies. The National Tax Service will select custody companies based on criteria such as security requirements, company size, and whether they are insured according to the "Virtual Asset User Protection Act."

The relevant work will be handled by the "Virtual Asset Management System Upgrade Task Force," which was established on the 11th of this month. This task force also plans to improve the comprehensive workflow manual for the entire process of seizure, custody, and sale, and to expand professional training. The National Tax Service is also preparing to establish a new "Digital Asset Management Division," which will be responsible for the seizure, custody, sale, and taxation of virtual assets. The head of the task force stated that this is a method mainly adopted by developed countries and will be implemented in the first half of the year after consulting with experts.