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South Korean SC Calls Cryptocurrencies as ‘Asset with Measurable Value’

 

Since the virtual currency is a novelty for the entire world, most countries’ legislations do not recognize it as an asset or a currency. Some advancements have been made in different countries regarding this problem. A few weeks ago Russia recognized Bitcoin as a “valuable property”. Japan recognizes Bitcoin as a legal means of payment, basically equating it with a currency.

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.’

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.This decision was made as part of an ongoing court case involving $2.3 million worth of Bitcoin that was seized from an individual running an online pornography platform. 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.

By granting cryptocurrencies the status of “assets with measurable value”, a very interesting situation has been created. While it is also the first time cryptocurrencies have been confiscated which are earned from banned activities like pornography, gambling, drug deals, and prostitution in South Korea, this is still an important development in the ongoing process of regulating Bitcoin.

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.”

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