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South Korea bans Bitcoin confiscation as regulation develops - IBS Intelligence (blog) (subscription)

Published 2 years ago

South Korea bans Bitcoin confiscation as regulation develops - IBS Intelligence (blog) (subscription)

IBS Intelligence via ibsintelligence.com

A local court in South Korea has ruled that Bitcoin cannot be confiscated, an important decision given the popularity of the cryptocurrency in the country. Local police seized 216 Bitcoins following an arrest of an alleged criminal, but the local court determined it was an illegitimate confiscation. The Suwon District Court ruled that Bitcoin is not subject to confiscation, according to local sources. The ruling claims that electronic money has no physical representation, so even if Bitcoins were to be seized as criminal profits, the value calculation of these assets would prove difficult. It is believed that the instability of the region caused by North Korean hostilities has prompted people to invest in more stable forms of currency long-term, such as Bitcoin. South Korean trading platforms like Bithumb, Coinone and Korbit are holding large trading volumes of cryptocurrency, but regulators worry as Bitcoin seems to attract criminal activity too. The country’s Financial Supervisory Commission has announced a joint task force meeting to address cryptocurrencies, which will  include the Korean Fair Trade Commission and National Tax Service. Additionally, it has been announced that there will be more monitoring of overseas remittance service providers who rely on Bitcoin and other cryptocurrencies to make their services more appealing to the masses, although the details of this oncoming regulation are unclear. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full
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