South Korea's finance minister pledged reforms following mishandling of cryptocurrencies.

PANews reported on March 2nd that, according to Decrypt, South Korean Deputy Prime Minister and Minister of Finance and Economy Koo Yoon-cheol pledged a comprehensive reform of how the country's public institutions handle digital assets. A series of previous incidents have exposed weaknesses in the government's custody and oversight of seized cryptocurrencies.

Koo Yoon-cheol stated that the government will collaborate with the Financial Services Commission and the Financial Supervisory Service to examine the current status and management practices of digital assets held and managed by the government and public institutions through measures such as seizure, and will swiftly take measures to strengthen digital asset security to prevent similar incidents from recurring. He emphasized that government-held digital assets are limited to those obtained through legal enforcement means such as tax seizures or criminal investigations.