South Korea Officially Recognizes Cryptocurrency as an ‘Asset With Measurable Value’
South Korea’s Supreme Court has officially proclaimed that cryptocurrency 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.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin or cryptocurrency. Your transfers and trades are at your own risk. Any loses you may incur are your responsibility. Please note that The Daily Hodl also participates in affiliate marketing programs.
Check Out the Latest Headlines
HodlX | User-Generated Content
The post South Korea Officially Recognizes Cryptocurrency as an ‘Asset With Measurable Value’ appeared first on The Daily Hodl.
Source: Daily HODL
Original Post: South Korea Officially Recognizes Cryptocurrency as an ‘Asset With Measurable Value’
