Top South Korean court recognises cryptocurrency as asset

South Korea’s top court confirmed a previous appellate court order to confiscate the 191 bitcoins from a person named Ahn, worth 2.4 billion won (US$2.3 million) earned from running an online pornography website. In doing so the Supreme Court recognised cryptocurrency as an “asset with measureable value.” This marks the first time a cryptocurrency has been subject to confiscation in the country. This ruling will allow any cyber assets gained from illegal activity such as gambling, drug deals, pornography and prostitution to be confiscated.

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