Police to Establish Standardized Procedures for Seizing and Managing Cryptocurrencies Amid Rising Cybercrimes

In response to the rising number of cryptocurrency-related crimes, the police are set to establish standardized procedures for seizing and managing cryptocurrencies. The National Police Agency’s National Investigation Division announced a study to design a standard management model for virtual assets, addressing the need for systematic procedures due to the surge in cybercrimes involving cryptocurrencies like bitcoin and ethereum in hacking, voice phishing, online gambling, drug trafficking, money laundering, and financial fraud. Despite existing practices, the increase in crimes necessitates a more structured approach. The police will review domestic and international policies, analyze current practices, and develop improvement plans. By December, they aim to establish standardized procedures for all stages of virtual asset management, including freezing, seizing, storing, and transferring, and identify necessary legal and institutional improvements. These procedures are expected to be implemented in the first half of next year, in collaboration with crypto exchanges.

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