"Police move to establish 'dedicated management system' for rapidly increasing seized virtual assets"

As crimes based on virtual assets (cryptocurrency) increase, the police are reportedly planning to comprehensively overhaul the seized-asset management system.

According to the industry on the 13th, the police are pursuing a plan to build an investigation-only virtual asset management system in cooperation with domestic virtual asset operators. Going forward, if information such as the responsible investigator and case number is entered, a designated custodian is expected to automatically store seized assets in a cold wallet separated from the internet.

The National Police Agency plans to introduce an investigation-only custodial service linked to virtual asset exchanges and convert the previously manual seized-asset transfer and storage procedures into an automated system operating 365 days a year. Previously, there were no standardized procedures, such as storing seized assets in investigators' personal wallets, so the risks of loss or theft have been continuously raised.