THELOGICALINDIAN - The South Korean government has antiseptic its position in acknowledgment to the contempo cardinal by the countrys Supreme Court advertence that cryptocurrency is an asset with assessable amount that can be confiscated The government says its position should be beheld alone from that of the Supreme Court
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
Korean Government’s Response
South Korea’s top banking regulator, the Banking Services Commission (FSC), has responded to the cardinal by the country’s Supreme Court acquainted cryptocurrencies including bitcoin as assets, according to bounded media.
The Supreme Court ruled on Wednesday, May 30, that cryptocurrencies are assets that can be confiscated as bent proceeds. The case involves a porn armpit abettor and his 191 BTC. This accommodation represents the aboriginal time the Court has accustomed cryptocurrency as property.
The arch of the FSC’s cryptocurrency countermeasures committee, Hong Sung-ki, was quoted by Aktv clarifying:
Not Financial Assets, No Change in Regulations
On Thursday, May 31, FSC administrator Choi Jong-gu abounding the 6th ceremony Youth Banking Foundation accident in Gangnam-gu, Seoul. Commenting on the Supreme Court’s judgment, Sporbiz quoted him emphasizing:
The Minister of Strategy and Finance, Kim Dong-yeon, was quoted by the advertisement acknowledging that “Virtual currencies such as bitcoin are not banking assets.”
While the FSC was quoted by Zdnet Korea acceptance that “It can be said that there is acreage value,” the Commission insists that as for crypto regulations, “There is no change at all.”
Moreover, the banking regulator revealed, “We will carefully appraise the trends in the altercation of all-embracing cryptocurrency regulations such as the G20, and appraise the institutionalization in Korea.” The FSC added acclaimed that apropos “illegal acts accompanying to basic bill affairs such as money laundering,” the government “will acknowledge seriously.”
Divided Opinions
Commenting on both the Supreme Court’s accommodation and the FSC’s response, an official of the Korean Blockchain Industry Association was quoted by Fnnews adage that it is a acceptable acumen of the Court to admit “the bread-and-butter amount of bitcoin,” adding:
The affiliation is currently alive with the country’s cryptocurrency exchanges, including Bithumb and Upbit, to accomplish self-regulation. Self-assessment is actuality conducted by the exchanges beneath the advice of the association.
Do you anticipate the South Korean government should pay added absorption to the Supreme Court’s ruling? Let us apperceive in the comments area below.
Images address of Shutterstock and Newsis.
Need to account your bitcoin holdings? Check our tools section.
