South Korean Finance Minister pledges reforms after mishandling of cryptocurrency affairs

PANews March 2—According to Decrypt, South Korea's Deputy Prime Minister and Minister of Economy and Finance, Choo Kyung-ho, has pledged to comprehensively reform the way 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 cryptocurrencies.

Choo Kyung-ho stated that he will work with agencies such as the Financial Services Commission and the Financial Supervisory Service to review the current status and management practices of digital assets held and managed by the government and public institutions through seizures and other measures, and will promptly take steps to strengthen digital asset security to prevent similar incidents from happening 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.