South Korean police to use VASPs for custody of seized crypto

South Korean police plan to entrust seized cryptocurrencies, such as Bitcoin, to virtual asset service providers for custody, Money Today reported. The police intend to restructure their procedures for managing seized assets, categorizing the process into preparation, seizure, storage, and transfer to prosecutors. Under the new system, management responsibility will be explicitly assigned not only to investigators but also to evidence managers and investigation support team leaders. The police have already secured the budget for the new custodial arrangement.