Korean Court Rules Interest Rate Cap Laws Do Not Apply to Cryptocurrencies

06/19 01:05

June 19 (Huobi) - According to a recent ruling by the Seoul High Court, interest rate caps under the Usury Act and Interest Limitation Act do not apply to cryptocurrencies. The ruling came in a second-instance lawsuit against a fintech company, A, brought by company B, which had borrowed 30 bitcoins from A and failed to return them. B argued that A had violated the Usury Act and Interest Limitation Act by charging monthly interest of 5%, which equates to an annual rate of 60%.
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