Ga naar de inhoud

Blockchain News Feed

All the latest news on Blockchain & Cryptocurrencies

Menu
  • Home
  • News
  • Exchanges
  • Market Analysis
  • YouTube
  • Brave Browser
Menu

Korean Government Clarifies Position After Supreme Court Crypto Ruling

Geplaatst op juni 2, 2018 door Blockchain News

Korean Government Clarifies Position After Supreme Court Crypto Ruling

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.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Korean Government’s Response

Korean Government Clarifies Position After Supreme Court Crypto RulingSouth 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.

Not Financial Assets, No Change in Regulations

On Thursday, May 31, FSC chairman Choi Jong-gu attended the 6th anniversary Youth Banking Foundation event in Gangnam-gu, Seoul. Commenting on the Supreme Court’s judgment, Sporbiz quoted him emphasizing:

The Supreme Court recognizing asset value and whether virtual currency is a financial product…is a separate issue.

Korean Government Clarifies Position After Supreme Court Crypto RulingThe Minister of Strategy and Finance, Kim Dong-yeon, was quoted by the publication confirming that “Virtual currencies such as bitcoin are not financial assets.”

While the FSC was quoted by Zdnet Korea admitting that “It can be said that there is property value,” the Commission insists that as for crypto regulations, “There is no change at all.”

Moreover, the financial regulator revealed, “We will closely examine the trends in the discussion of international cryptocurrency regulations such as the G20, and examine the institutionalization in Korea.” The FSC further noted that regarding “illegal acts related to virtual currency transactions such as money laundering,” the government “will respond seriously.”

Divided Opinions

Commenting on both the Supreme Court’s decision and the FSC’s response, an official of the Korean Blockchain Industry Association was quoted by Fnnews saying that it is a good judgment of the Court to recognize “the economic value of bitcoin,” adding:

The government and the National Assembly should pay attention to the ruling of the Supreme Court and plan a policy to incorporate cryptocurrency transactions into the system as soon as possible.

The association is currently working with the country’s cryptocurrency exchanges, including Bithumb and Upbit, to enforce self-regulation. Self-assessment is being conducted by the exchanges under the guidance of the association.

Do you think the South Korean government should pay more attention to the Supreme Court’s ruling? Let us know in the comments section below.


Images courtesy of Shutterstock and Newsis.


Need to calculate your bitcoin holdings? Check our tools section.

The post Korean Government Clarifies Position After Supreme Court Crypto Ruling appeared first on Bitcoin News.


Source: Bitcoin.com
Original Post: Korean Government Clarifies Position After Supreme Court Crypto Ruling

Ledger Nano X - The secure hardware wallet

Recente berichten

  • Crypto fundraising surges to $10B in Q2, highest since early 2022
  • Crypto funds post $1B inflows with net assets breaking new highs
  • Secret Service seizes $400M in crypto, cold wallet among world’s largest
  • Hong Kong prepares third batch of tokenized bonds, eyes more offerings
  • Bitcoin price can hit $150K in weeks thanks to Trump's 'Big Beautiful Bill'

Categorieën

  • Altcoin Buzz
  • Altcoin Buzz News
  • AMBcrypto
  • Bitcoin.com
  • Bitcoinist
  • BTC Manager
  • CCN
  • Coin Mastery
  • Coindesk
  • Coinpower News
  • Cointelegraph
  • CryproSlate
  • Crypto Daily
  • Crypto News (.net)
  • Cryptocoin News
  • Cryptocurrency News
  • CryptoDaily.co.uk
  • CryptoPotato
  • CryptosRUs
  • Daily HODL
  • DataDash
  • Ethereum Worldnews
  • Exchanges
  • ICO's
  • Invest in Blockchain
  • Market Analysis
  • News
  • News BTC
  • Newsbit
  • Portfolio
  • Pricecheck
  • Ready Set Crypto
  • The Modern Investor
  • ToshiTimes
  • Use The Bitcoin

Archieven

  • juli 2025
  • juni 2025
  • mei 2025
  • april 2025
  • maart 2025
  • februari 2025
  • januari 2025
  • december 2024
  • november 2024
  • oktober 2024
  • september 2024
  • augustus 2024
  • juli 2024
  • juni 2024
  • mei 2024
  • april 2024
  • maart 2024
  • februari 2024
  • januari 2024
  • december 2023
  • november 2023
  • oktober 2023
  • september 2023
  • augustus 2023
  • juli 2023
  • juni 2023
  • mei 2023
  • april 2023
  • maart 2023
  • februari 2023
  • januari 2023
  • december 2022
  • november 2022
  • oktober 2022
  • september 2022
  • augustus 2022
  • juli 2022
  • juni 2022
  • mei 2022
  • april 2022
  • maart 2022
  • februari 2022
  • januari 2022
  • december 2021
  • november 2021
  • oktober 2021
  • september 2021
  • augustus 2021
  • juli 2021
  • juni 2021
  • mei 2021
  • april 2021
  • maart 2021
  • februari 2021
  • januari 2021
  • december 2020
  • november 2020
  • oktober 2020
  • september 2020
  • augustus 2020
  • juli 2020
  • juni 2020
  • mei 2020
  • april 2020
  • maart 2020
  • februari 2020
  • januari 2020
  • december 2019
  • november 2019
  • oktober 2019
  • september 2019
  • augustus 2019
  • juli 2019
  • juni 2019
  • mei 2019
  • april 2019
  • maart 2019
  • februari 2019
  • januari 2019
  • december 2018
  • november 2018
  • oktober 2018
  • september 2018
  • augustus 2018
  • juli 2018
  • juni 2018
  • mei 2018
  • april 2018
  • maart 2018
  • februari 2018
  • januari 2018
  • december 2017
  • november 2017
  • oktober 2017
  • september 2017
  • maart 2017
  • juni 2016
  • juli 2014
  • september 2013
  • augustus 2013
©J Blockchain News Feed | Ontwerp: Krant WordPress thema