[2018-06-02] Korean Govt. Clarifies Position After Supreme Court Crypto Ruling

[moriskarlov]

The South Korean government has clarified its position in response to the recent ruling by the country’s Supreme Court stating that cryptocurrency is an asset with measurable value that can be confiscated. The government says its position should be viewed separately from that of the Supreme Court.

Korean Government’s Response

South Korea’s top financial regulator, the Financial Services Commission (FSC), has responded to the ruling by the country’s Supreme Court recognizing cryptocurrencies including bitcoin as assets, according to local media.

The Supreme Court ruled on Wednesday, May 30, that cryptocurrencies are assets that can be confiscated as criminal proceeds. The case involves a porn site operator and his 191 BTC. This decision represents the first time the Court has recognized cryptocurrency as property.

The head of the FSC’s cryptocurrency countermeasures committee, Hong Sung-ki, was quoted by Aktv clarifying:

''The judgment of the Supreme Court and the position of government policy should be viewed separately.''

More info - https://news.bitcoin.com/korean-government-clarifies-position-supreme-court-crypto-ruling/

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[Betwrong]

Now I'm confused. On one hand, the Korean's Supreme Court recognizes cryptocurrencies including Bitcoin as assets. On the other hand, the Minister of Strategy and Finance, Kim Dong-yeon states that “Virtual currencies such as bitcoin are not financial assets.”

As far as I understand, the Supreme Court has recognized cryptos as assets to have the ability to confiscate Bitcoins involved in criminal activity and imo they were right in doing so, but what impact it can make on the overall recognition of crypto in South Korea remains unclear to me.

[Snaic]

Now I'm confused. On one hand, the Korean's Supreme Court recognizes cryptocurrencies including Bitcoin as assets. On the other hand, the Minister of Strategy and Finance, Kim Dong-yeon states that “Virtual currencies such as bitcoin are not financial assets.”

As far as I understand, the Supreme Court has recognized cryptos as assets to have the ability to confiscate Bitcoins involved in criminal activity and imo they were right in doing so, but what impact it can make on the overall recognition of crypto in South Korea remains unclear to me.

If there is a case law in South Korea, or at least it is indicated, as in a number of other states, that decisions of the Supreme Court of this country are binding on all lower courts, similar decisions in similar situations will have to be taken by all courts. This is certainly a positive moment. Officials will not be able to resist judicial decisions for a long time. If in fact bitcoin is recognized as a property by the court, then the right of circulation of such property must be enshrined in other regulatory acts, as well as the protection of such property. In fact, this leads to the legalization of bitcoin and other crypto currency.

[Notcalculator]

is this the first time a court treated btc as an asset? Or atleast in korea? 191 BTC btc is a lot and it's probably too valuable to resist.

[liberty02]

is this the first time a court treated btc as an asset? Or atleast in korea? 191 BTC btc is a lot and it's probably too valuable to resist.

Well a Judge ruling in the Netherlands did say that “bitcoin represents a value and is transferable. In the court's view, it thus shows characteristics of a property right”. I think most will agree that property rights is an asset, so I believe that this is not the first time for a Court to rule Bitcoin as an asset.