Bitcoin on Exchanges Legally Seizable in South Korea, Supreme Court Rules
South Korea's Supreme Court recently affirmed that Bitcoin held on domestic cryptocurrency exchanges can be legally seized under the country's Criminal Procedure Act. This decision, made on December 11, 2024, classifies such digital assets as "electronic certificates with economic value," making them subject to seizure by law enforcement in criminal cases.
Key aspects of the ruling:
Legal Precedent: The judgment establishes a legal basis for authorities to confiscate digital assets on regulated exchanges, which is significant for investigations into financial crimes.
Asset Classification: The court recognized Bitcoin as an asset with economic value that can be managed and traded, confirming its status as seizable intangible property.
Scope: This ruling specifically applies to assets on centralized, regulated exchanges and does not cover Bitcoin in non-custodial wallets.
Regulatory Context: The decision aligns with South Korea's developing regulatory landscape for digital assets, including the recent Act on the Protection of Virtual Asset Users.
The ruling originated from an appeal by an individual, "Mr. A," who contested the seizure of 55.6 Bitcoin during a money laundering investigation. The Supreme Court upheld the lower court's decision, validating the confiscation.
#BTC #SouthKorea #SupremeCourt #CryptoRegulation #AssetSeizure