TechFlow News: On May 29, according to Edaily, Korea Digital Asset Custodian (KDAC), a Korean digital asset custodian, has been selected by the National Tax Service of Korea as the entrusted custodian and operational manager for seized virtual assets and has signed the relevant entrustment contract. Operations are set to commence in June. This marks the first time the Korean government has entrusted privately operated professional custodians with custody of government-held virtual assets.
This initiative follows the “Public-Sector Virtual Asset Holding and Management System Improvement Plan” announced by the Korean government in April. Its objective is to reduce risks associated with direct custody and enhance management stability and efficiency by introducing a private-sector custodial operations framework. In the future, this model may serve as a reference for other public institutions, including the prosecution service, police agencies, and the Korea Customs Service.
