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South Korean Court Gets Backing From Exchanges to Include Cryptocurrencies in Bankruptcy Case

By WebsCryptoMay 12, 20221 Min Read
South Korean Court Gets Backing From Exchanges to Include Cryptocurrencies in Bankruptcy Case
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The South Korean judiciary has included crypto assets on the list of debtors’ assets in a bankruptcy case, and the country’s crypto exchanges have agreed to cooperate with the court on the matter.

According to Seoul Kyungjae, the five licensed exchanges that offer crypto-to-fiat transactions — namely Upbit, along with Bithumb, Coinone, Gopax and Korbit — have agreed with the Seoul Bankruptcy Court on the terms of a formal cooperation agreement that will soon see them work with prosecutors and bailiffs Cooperate in legal proceedings related to bankruptcy. Courts have previously struggled to treat cryptocurrencies as a true asset class in related cases.

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However, the legal regulations were established last November when a judge ruled that bailiffs could treat an individual’s bitcoin BTC -0.43% (BTC) as a form of “property” with value. Courts have expressed concern that individuals and companies filing for bankruptcy are increasingly trying to hide or expropriate their financial assets by purchasing crypto assets.

DISCLAIMER: The information provided by WebsCrypto does not represent any investment suggestion. The articles published on this site only represent personal opinions and have nothing to do with the official position of WebsCrypto.
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