The South Korean government will introduce a system to better manage virtual assets under its custody following repeated security breaches, the finance ministry said. The plan was finalized at an emergency economic meeting chaired by Finance Minister Koo Yun-cheol. The central government currently holds about 78 billion won worth of such assets.
The finance ministry stated that as of Monday, the central government holds approximately 78 billion won ($53 million) worth of virtual assets seized or frozen during investigations and tax collection. These assets are temporarily held pending final disposition, such as confiscation, sale, or conversion to cash.
By agency, the National Tax Service holds 52.1 billion won, the prosecution 23.4 billion won, the Korean National Police Agency 2.2 billion won, and the Korea Customs Service 300 million won. In February, the National Tax Service reported that mnemonic codes for recovering virtual assets were leaked, leading to the theft of about 4 million PRTG tokens worth several million won. The Gangnam Police Station later discovered the theft of 22 bitcoins valued at about 2.1 billion won.
The new plan introduces a comprehensive management system covering all stages from acquisition to post-incident responses, addressing repeated leaks partly due to staff shortages and poor management.
Incidents resulting from regulation violations will lead to criminal complaints and disciplinary measures against those responsible.
