On July 7, the Korean National Police Agency is advancing the selection of private custody service providers for seized virtual assets, with the winning bidder expected to be determined as early as this week. Previously, the police had three unsuccessful bidding attempts due to reasons including low budget, strict qualification requirements, and insufficient management capabilities of some small and medium-sized enterprises. This round of bidding has expanded the range of eligible companies and increased the budget to 267 million KRW, approximately 3.2 times last year's amount. Seven companies, including BDACS, KODA, KDAC, Upbit Custody, HectoWallet One, DSRV, and AhnLab Blockchain Company, are participating in the bidding. The police require that 100% of the seized assets be stored in cold wallets isolated from the internet, with independent addresses assigned by the police station and 24-hour response availability; in the event of asset loss, the service provider must bear full compensation responsibility.
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Korean Police Advance Bidding for Virtual Asset Custody Services, Providers Must Bear Full Compensation for Asset Loss
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