South Korean Bankruptcy Court creates “working rule” for crypto, coming into force on July 1

07/01 00:51

According to Cryptonews, South Korean courts are bracing for a wave of crypto-related bankruptcies – and have created a “working rule” that will help them deal with cases involving individuals who have fallen foul of crypto investments gone wrong. The “main goal” of the new rule is not to include losses in stock or crypto investments in bankruptcy-related calculations made by the courts. However, the court added that this “working rule” would not apply in cases where individuals had attempted to conceal the details of their crypto investments. The Seoul Bankruptcy Court warned of a “domino effect” comprising of ailing crypto investors and struggling creditors. And these dominoes are starting to fall, the court added, with more cases expected to hit the courts in the second half of this year. The rule will come into force on July 1, the court concluded.

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