South Korean Finance Minister Vows Reforms After Mishandling of Cryptocurrency

Odaily News: South Korea's Deputy Prime Minister and Minister of Economy and Finance, Choo Kyung-ho, has pledged a comprehensive overhaul of how the country's public institutions handle digital assets. This comes after a series of incidents exposed weaknesses in the government's custody and oversight of seized cryptocurrency.

Choo Kyung-ho stated that he will collaborate with agencies such as the Financial Services Commission and the Financial Supervisory Service to examine the current status and management practices of digital assets held and managed by the government and public institutions through measures like seizures. Swift action will be taken to enhance digital asset security and prevent similar incidents from recurring. He emphasized that the digital assets held by the government are strictly limited to those obtained through legal enforcement measures such as tax seizures or criminal investigations. (Decrypt)