South Korean National Police Agency's Fourth Round of Selecting Virtual Asset Custodians Sees Seven Bidders, Budget Increases to 267 Million Won

CoinFeed reported on July 7 that according to Korean media, the South Korean National Police Agency is currently evaluating proposals to select a private institution to custody seized virtual assets, and the decision is expected as early as this week. The police conducted three rounds of bidding over two years, but all ended in failure. This was mainly due to the inability of large companies to participate because of eligibility restrictions (such as small and medium-sized enterprises and micro-enterprises) and limited budgets. In the fourth round of bidding, as the scope of eligible companies expanded, the budget increased by 3.2 times from the previous year to 267 million won, and a total of seven companies submitted bids, including Vidax, Koda, KDAC, Upbit Custody, Hecto Wallet One, DSRV, and AhnLab Blockchain Company.