South Korean police have issued their first guidelines for the seizure and management of "privacy coins," clarifying regulations for storing hot wallets to prevent asset loss.

CoinFeed reported on March 17th that, according to Asia Economy, in response to recent incidents of lost seized cryptocurrencies, the Korean National Police Agency has finalized amendments to its administrative rules regarding the "management of seized virtual assets," including for the first time specific guidelines for the management of "privacy coins." Due to the strong anonymity of privacy coins like Monero and their difficulty in storing them in hardware wallets, the Korean police have clarified the management regulations for "software wallets (hot wallets)," requiring wallets to be generated on dedicated servers and keys to be sealed. Currently, the Korean police have seized approximately 54.5 billion won worth of crypto assets in the past five years, including 50.7 billion won worth of Bitcoin and 1.8 billion won worth of Ethereum. This move aims to learn from the lessons of the Gangnam Police Station losing 22 Bitcoins and the National Tax Service's theft of assets due to a leaked mnemonic phrase in a photograph.