PiCK
"NTS to overhaul seized virtual asset custody system, weighing outsourcing"
Summary
- It was reported that the National Tax Service told the National Assembly it is reviewing a plan to outsource custody of virtual assets (cryptocurrencies) seized from delinquent taxpayers to an external specialist institution.
- The NTS said it is reviewing a plan to entrust the management of cold wallets containing seized virtual assets to an external custody service provider.
- The NTS said it plans to secure dedicated digital-asset personnel and comprehensively overhaul the virtual asset management system and the manual governing the entire process of seizure, storage and sale.
Forecast Trend Report by Period
South Korea’s National Tax Service (NTS) is reportedly reviewing a plan to have an external specialist institution take custody of virtual assets (cryptocurrencies) seized from delinquent taxpayers.
According to the office of Rep. Park Sung-hoon of the National Assembly’s Finance and Economy Planning Committee on the 10th, the NTS reported to the Assembly that it is "reviewing a plan to entrust the management of cold wallets containing seized virtual assets to an external custody service provider." The agenda item is set to be discussed at the committee’s plenary meeting on the 11th.
The NTS also said it will "secure dedicated personnel for digital assets, which is not currently operated separately, and push ahead with an internal review of the overall virtual asset management system."
Meanwhile, the NTS plans to comprehensively overhaul its management manual covering the entire process of seizing, storing and selling virtual assets going forward.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
