South Korean Finance Minister promises reform after mishandling of cryptocurrencies

MarsBitNews · 2026-03-02T06:15:39+00:00

South Korean Vice Prime Minister Koo Yun-cheol pledged to reform the digital asset management of public institutions, responding to management loopholes in government cryptocurrency seizures. He will work with relevant agencies to strengthen security measures to ensure digital assets are obtained solely through legal channels.

MarsBitNews

2026-03-02 06:15:39

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Breaking News from Mars Finance: According to Decrypt, South Korea’s Vice Prime Minister and Minister of Economy and Finance, Koo Yun-cheol, has pledged to carry out a comprehensive reform of how the country’s public institutions handle digital assets. Recent incidents have exposed weaknesses in the government’s custody and oversight of seized cryptocurrencies. Koo Yun-cheol stated that he will collaborate with the Financial Services Commission and the Financial Supervisory Service to review the current state and management practices of digital assets held and managed by the government and public institutions through measures such as seizures. He also emphasized the need to quickly implement measures to enhance digital asset security and prevent similar incidents from happening again. He clarified that the government’s digital assets are limited to those obtained through legal enforcement methods such as tax seizures or criminal investigations.

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