The Korean National Tax Service pilots entrusting seized virtual assets to private custody institutions for the first time.

According to ChainCatcher, citing a report from News1, the Korean National Tax Service is piloting the delegation of seized virtual assets to private crypto custody institutions for safekeeping and management, with the plan to first run on a trial basis until the end of this year.

Major Korean custody institutions including KODA, KDAC, Hecto WalletOne, BDACS, and InfiniteBlock are all preparing to participate. Although the budget for this pilot project is only about $5,800, the industry believes that gaining a "Korean National Tax Service project" reference case carries symbolic significance.