The South Korean finance minister promises reforms after mishandling of cryptocurrency

According to Decrypt, South Korean Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho has pledged to undertake a comprehensive reform of the way public institutions handle digital assets.

A series of previous incidents have exposed weaknesses in the government's custody and oversight of seized cryptocurrencies. Choo stated that he would collaborate with institutions 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 such as seizures, and to swiftly take action to enhance the security of digital assets to prevent similar incidents from occurring again. He emphasized that the digital assets held by the government are limited to those obtained through legal enforcement measures such as tax seizures or criminal investigations.