South Korea has recognized cryptocurrency as an asset that can be confiscated by court order

South Korea has recognized cryptocurrency as an asset that can be confiscated by court order

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Cryptocurrencies can be examined as property that can be confiscated during investigation of criminal case. Such decision was accepted by Supreme Court of South Korea, passes the news Yonhap agency.

This decision will allow to the government to confiscate 191 BTC. This cryptocurrency appears on business about child’s pornography in a network, within the framework of that a malefactor was sentenced to imprisonment and fine in $640 thousands.

The Supreme Court ruling confirms an appeal that abolished the decision of the court more subzero instance to decline the solicitor of public prosecutor about confiscation cryptocurrency assets the criminal.

The court of more subzero instance declined request, arguing it that cryptocurrencies “exist only in an electronic kind and does not have a physical form”. However later an appeal court came to the conclusion, that cryptocurrency can be examined as the “profit got from trading in commodities” is marked by the Yonhap agency.

This decision is a noticeable legal precedent, as a row of the criminal cases related to cryptocurrencies is conducted in South Korea. Thus, remains not clear, that authorities will do with the confiscated digital assets. However remains not clear, as power of South Korea will process the lost digital assets. Nevertheless, a today’s decision marks noticeable legal reference, as in South Korea there are the criminal cases related to cryptocurrencies.

In obedience to CoinMarketCap, on the state on today  200 Bitcoins cost approximately $1, 5 million.

As reported before, from fears concerning high volatility representatives of the Bavarian office of public prosecutor urgently sold the confiscated crypto assets on a lump sum in €12 millions (near $14 millions).

As reported before, public prosecutors from a district Incheon was given lawsuit in December, 2017 against a firm Max Mining and 21 suspected of the supposed swindle with the use cryptocurrency facilities in size of 250 million dollars.

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