South Korea’s NTS to Partner with Private Firms for Crypto Custody
- South Korea’s National Tax Service (NTS) plans to transfer seized virtual assets to private custody providers.
- The decision follows a security lapse that highlighted risks of in-house management.
- The NTS aims to select a qualified custody firm within the first half of the year.
South Korea’s National Tax Service is shifting its strategy for handling seized virtual assets by partnering with private custody providers, following a recent security breach that exposed vulnerabilities in managing these assets internally.
The agency is fast-tracking the selection process, intending to finalize a partnership with a qualified firm in the coming months, ensuring enhanced security and management of confiscated digital currencies. (Source)
