Korea’s Supreme Court claims Crypto has Economic Value

South Korean Supreme court`s decision about the cryptocurrency value might be the backdoor to unraveling the regulatory boondoggle over custody
01 June 2018   511

The case regards a pornographer captured on charges of breaking the Protection of Children and Juveniles From Sexual Abuse Law in May 2017. The accusations that  go back as far as 2013 declare that the man identified only as Ahn had apportioned 235,000 indecent pictures online and made 1.9 billion profits from users of the site. During his arrest, 216 Bitcoin kept in a digital wallet was seized that the prosecution described as assets that were made illegally.

First, a lower court decided against the seizure affirming that “bitcoins only existed electronically and had no physical form.” Then the case was appealed by the prosecutor  in a higher court which “ruled in the prosecution’s favor, saying the cyber assets could be seen as profit earned from the trade in goods.”

The Supreme Court maintained this order and also added that the decision “will allow any cyber assets gained from illegal activity such as gambling, drug deals, pornography and prostitution to be confiscated.” The Supreme courts answer might be obvious in some ways, though it can also be the start for solving regulatory questions government services all over the world have been struggling with.

Cryptocurrency is “an asset with economic value”, there is no arguing with that.  Also the motivation for the ruling is obvious. Currently that the precedent has been stated it has to be no surprise that cybercriminals are sought out more actively.

SEC to Need More Info on BTC ETF

SEC is gathering more input from the public – to date, according to the agency, more than 1,400 comments have been submitted
21 September 2018   173

The US Securities and Exchange Commission (SEC) announced the beginning of a formal process for considering the application for the creation of bitcoin-ETF from the New York companies VanEck and SolidX. Nevertheless, the agency appealed to the community for more information. This is stated in the document published on the SEC website.

Institution of such proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, as described below, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.

The US Securities and Exchange Commission

At the moment, the SEC received about 1,400 comments.

According to the document, the Chicago Board Options Exchange (CBOE) has signed an agreement on the exchange of data on bitcoin transactions, trading and the state of the market with the cryptocurrency trading platform with Gemini.

The agency asked commentators to clarify the position of Gemini in the digital currency market and assess the likelihood of increased volatility at this site in connection with possible trades of bitcoin-ETF.

So, before September 30, the department had to decide on whether to approve, deny or initiate the proceedings. The SEC chose the latter, which is likely to delay the process until the next year.