Concerted Effort to Establish Virtual Asset Seizure Standards for Korean Police Agency

IconCryptoNewsTerminal Staff25 Jul, 2024

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Concerted Effort to Establish Virtual Asset Seizure Standards for Korean Police Agency

In a progressive move, the National Investigation Headquarters of the Korean National Police Agency has embarked on a comprehensive study to establish a standardized management model for virtual asset seizure, search, and custody. This initiative is a testament to the police agency's commitment to effectively managing virtual assets within its investigations. The study, which is expected to conclude by December, aims to define the concept of virtual assets as subjects of seizure and analyze the current practices for seizing and managing virtual assets during investigations. Additionally, the agency will delve into the international landscape, examining the virtual asset seizure systems and practices of leading countries. This research will form the foundation for developing standardized procedures encompassing all stages of virtual asset management, including freezing, seizing, recovering, storing, converting, and transferring. This standardized approach will enhance efficiency and consistency in the handling of virtual assets, ultimately supporting the agency's mission to uphold the law and protect the public. ```

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