Police have lost track of the Bitcoin seized during investigations, highlighting the need for large-scale improvements to virtual asset management systems. As a result, authorities have decided to overhaul the confiscation and management methods for virtual assets and plan to implement a more systematic operation.
According to Democratic Party legislator Cai Minxian, the police will introduce the “Virtual Asset Confiscation Management System Improvement Plan,” which will meticulously categorize and supervise each stage of virtual asset management, including preparation, confiscation, safekeeping, and transfer. The current status of virtual asset confiscation will be monitored monthly, and the safekeeping and disposal results will be systematically recorded and managed.
Discussions are also underway regarding changes to the safekeeping methods for confiscated virtual assets. The police are promoting a plan to entrust virtual assets to trusted “virtual asset custodians” for safekeeping to enhance security. Additionally, the police department will develop directives that include virtual asset management rules and plan to create and distribute manuals outlining key considerations at each stage.
Looking at recent cases of virtual asset confiscation, although incidents have continued since 2021, their numbers have gradually decreased. However, the exposure of the Bitcoin loss at the Gangnam Police Station has once again highlighted the seriousness of management issues. The incident involved Bitcoin worth up to 2.1 billion Korean won, underscoring the gravity of the situation.
Whether this management system overhaul will be effective remains to be seen. Given the unique nature of virtual assets, relying on traditional evidence management systems centered around physical items clearly has limitations. This trend may lead to the development of more rigorous and systematic legal frameworks for handling virtual assets in the future.
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