KDAC Selected as Custody Provider for Virtual Assets Seized by the Korean National Tax Service

CoinFeed reported on May 29th that, according to Edaily, KDAC, a South Korean digital asset custody company, has been selected as the custody and operation service provider for virtual assets seized by the National Tax Service of Korea. This marks the first time the government has entrusted the seizure of virtual assets to a private professional custody company. KDAC signed a contract with the National Tax Service and will launch the project in June. This project is a follow-up measure to the "Public Sector Virtual Asset Holding and Management System Improvement Plan" jointly released by the government in April this year. It aims to establish a formal operating model after a pilot program by introducing a private custody and operation system. This model will serve as a reference case for public agencies such as the prosecution, police, and customs in managing virtual assets.