South Korea Officially Recognizes Bitcoin as an ‘Asset With Measurable Value’
South Korea’s Supreme Court has officially proclaimed that Bitcoin is an ‘asset with measurable value.’
The high court recognized the legitimacy of cryptocurrency assets while backing a previous court order, which forced a convicted criminal to give up 191 Bitcoin he earned by operating a pornographic website.
This was the first time the government had ever attempted to confiscate a cryptocurrency, according to The Korea Times.
“The crytocurrency is recognized to have value so it can be confiscated,” the Supreme Court stated. “The Bitcoin was earned from the proceeds of crime.”
South Korean lawmakers and regulators also appear to be easing their stance on cryptocurrency.
BusinessKorea reports the country’s National Assembly just proposed a bill that would legalize ICOs, as long as certain investor protections are implemented.
Regulators in the country are also planning to reclassify cryptocurrencies to confirm their status as financial assets.