After Bitcoin Heist, South Korea's Finance Minister Vows to Reform Cryptocurrency Regulatory System

BlockBeats News, March 2nd. According to Decrypt, South Korean Finance Minister Hong Nam-ki stated that the country will comprehensively reform the way public institutions handle digital assets. A series of events previously exposed weaknesses in the government's custody and supervision of confiscated cryptocurrencies.

The Ministry of Finance will collaborate with institutions such as the Financial Services Commission and the Financial Supervisory Service to examine the current state and management practices of digital assets held and managed by the government and public institutions through measures such as confiscation, and promptly take steps to enhance digital asset security to prevent similar incidents from happening again. Previously, the Seoul Gangnam District police failed to comply with custody standards, resulting in the theft of 22 bitcoins (valued at about $1.4 million at the time).