South Korea's National Tax Service Plans to Complete Selection of Virtual Asset Custodian Service Providers in the First Half of the Year

CycleProphet · 2026-03-21T01:41:08+00:00

The Korean National Tax Service is advancing plans to entrust confiscated virtual assets to professional custodial service providers, with a selection process expected to be completed in the first half of this year to ensure asset security. This decision stems from recent virtual asset theft incidents. The National Tax Service will prioritize safety and company scale as key criteria, while also improving virtual asset management procedures and establishing a dedicated department.

CycleProphet

2026-03-21 01:41:08

Abstract generation in progress

Deep Tide TechFlow News, March 21 — According to ZDNet Korea, South Korea’s National Tax Service is moving forward with plans to seize virtual assets entrusted to private professional custody service providers, with the goal of selecting service providers as early as the first half of this year. This initiative follows a virtual asset theft incident last month, during which the NTS accidentally disclosed the mnemonic phrase during a public search, leading to the virtual assets being stolen twice.

The NTS stated that when selecting custody service providers, they will focus on security requirements, company size, and whether they have insurance coverage according to the Virtual Asset User Protection Act, among other core standards. They are currently developing specific review guidelines. Ko Young-il, head of the South Korean NTS Virtual Asset Management System Upgrade Working Group, said that entrusting professional custody institutions is a common practice in developed countries and will be implemented within the first half of the year.

Additionally, the working group will promote the improvement of the full-process manual for seizure, custody, and disposal operations, and is preparing to establish a dedicated “Digital Asset General Department” responsible for virtual asset management. The specific implementation date will be determined in consultation with the Ministry of Administrative Security.

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