South Korea’s Supreme Court Recognizes Cryptocurrencies as ‘Asset with Measurable Value’
Unexpected information coming from South Korea gives the virtual currency market some positive news. The South Korean Supreme Court has announced that it considers cryptocurrencies as an ‘asset with measurable value.’
South Korea’s Position on Cryptocurrencies
South Korea has been always taking strict measures against virtual currencies in the country. Some of them have been related to trading activities and other to the legal framework. But this time, the situation looks slightly different.
The high court of the country recognized cryptocurrencies ad legitimate assets while backing a previous court order that forced a criminal to give up his 191 Bitcoin that gathered while operating a pornographic website. And according to The Korea Times, that’s the first time that the government attempts to confiscate virtual currencies.
The Supreme Court explained about Bitcoin:
“The cryptocurrency is recognized to have value so it can be confiscated. The Bitcoin was earned from the proceeds of crime.”
This is a very important development in the South Korean cryptocurrency market. It seems that since some time, lawmakers and regulators are starting to ease their stance on virtual currencies and other digital assets.
At the beginning of May, we wrote at UseTheBitcoin that South Korea could ease virtual currency regulations. The country decided to ban Initial Coin Offerings (ICOs) in 2017, and some individuals have been banned from participating in the crypto market.
The new governor of the Financial Supervisory Service (FSS), known as Yoon Suk-heun, has a more open positions towards cryptocurrencies.
Mr. Yook Suk-heun, commented:
“The FSS will collaborate with the FSC when an inspection on policies and financial institutions has different configurations associated with different scopes. The FSS examines and supervises financial institutions but with the oversight of the FSC.”
Lawmakers are also trying to work with different ICOs and legalize them if they comply with some rules. There are at the moment 10 lawmakers that want to present a bill that would legalize Initial Coin Offerings under the government’s supervision. That would allow to reduce uncertainties that some companies in the blockchain and crypto industry are facing.
Source: Read Full Article