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South Korea has become one of the countries where Bitcoin (BTC) and altcoins are attracting great interest, and an important decision regarding cryptocurrencies has been made in the country.
Accordingly, the South Korean Supreme Court issued a definitive ruling that eliminated the ongoing legal uncertainty surrounding cryptocurrencies held on centralized exchanges in the country.
According to local news agency Chosun, the high court has issued its first ruling allowing the seizure of personal Bitcoin held on cryptocurrency exchanges such as Upbit and Bithumb under the Code of Criminal Procedure.
The news report states that the decision stems from a money laundering investigation dating back to 2020. At that time, police seized 55.6 Bitcoin, worth approximately 600 million Korean won, from an exchange account belonging to a person referred to as Mr. A.
The police had seized these Bitcoins as part of an ongoing criminal investigation against Mr. A. However, Mr. A contested the seizure, arguing that Bitcoins held on an exchange could not be seized because they were not physical objects under the Code of Criminal Procedure. Finally, the case reached the high court, which issued a final decision, clearly stating that seizure procedures are not limited to tangible assets but also include digital assets.
The court ruling stated, “According to the country’s Code of Criminal Procedure, seizure procedures include both physical objects and electronic assets. Bitcoin, as an electronic token that can be independently managed, bought and sold, and significantly controlled in terms of its economic value, can also be subject to seizure procedures by courts or investigative authorities.”
*This is not investment advice.