Cryptocurrency considered as asset with possible confiscation - South Korea Supreme Court

Posted 31 May, 2018

The Supreme Court of South Korea has ruled that cryptocurrencies can be considered as property and can be confiscated during a criminal proceeding.

“The cryptocurrency is recognized to have value so it can be confiscated,” the Supreme Court stated. 

As a result, the government now can seize 191 BTC. This sum appeared in the case on a child pornography in the web under which the criminal was imprisoned and mulcted $640,000.

This order of the Supreme Court supported the appeal that cancelled the order of the minor court to reject the petition of the attorney regarding confiscation of the crypto assets in that case.

For reference, earlier the minor court rejected the petition citing that cryptos are an electronic currency and do not have a physical form. However, the appeal court determined that digital coins can be considered as a profit from goods trading, as reported in the media.

This is definitely a test case, as there is a number of ongoing crypto-connected legal proceedings in South Korea. 

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31 May, 2018 14:29

← Huobi platform about to launch business division in Brazil

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Huobi platform about to launch business division in Brazil

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