Gate News reports that on March 20, the Korea National Tax Service (NTS) plans to appoint a professional custody company to manage seized virtual assets before the middle of the year. This decision follows a security breach on February 26, when a mnemonic leak led to the theft of seized assets. To enhance security, the NTS will shift from self-management to professional custody services, selecting a custodian based on security standards, company size, and insurance requirements outlined in the Virtual Asset User Protection Act.
On March 11, the NTS established the “Virtual Asset Management System Upgrade Task Force” to oversee this transition. The team will also improve the processes for seizing, safekeeping, and selling virtual assets, while expanding professional training. Additionally, the NTS plans to create a “Digital Asset Management Department” to streamline virtual asset management and taxation, aligning with practices in developed countries.
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