Korean Court Gains Support from Exchanges in Bid to Include Crypto in Bankruptcy Cases

05/12 00:44

According to Cryptonews, South Korea’s judiciary is set to include crypto holdings in lists of debtors’ assets in bankruptcy cases – and the nation’s leading crypto exchanges have agreed to cooperate with courts on the matter. Per Seoul Kyungjae, the five licensed exchanges that offer crypto-to-fiat trading have agreed terms on a formal cooperation deal with the Seoul Bankruptcy Court that will see them work with prosecutors and bailiffs on bankruptcy-related legal proceedings. Previously, courts had struggled with attempts to recognize crypto as a bona fide asset class in related cases. However, legal precedent was set in November last year when a judge ruled that bailiffs could consider an individual’s bitcoin (BTC) to have value as a form of “property.” Courts have expressed concern that individuals and firms filing for bankruptcy have increasingly attempted to “conceal or expropriate” their financial holdings by purchasing cryptoassets of late. But the new deal will give courts the ability to give bankruptcy trustees the power to investigate debtors’ cryptoassets and “dispose of it and distribute it to creditors.”

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