S. Korean Local Court Confiscates 191 Bitcoin

It was the first time for a local enforcement agency in South Korea to confiscate cryptocurrency which was gained from illegal activities
01 February 2018   578

The Suwon District Court ruled on Wednesday to seize 191 Bitcoins (~1 833 600$), as the profits were illegally obtained. The case concerned a person surnamed Ahn, who was indicted for operating adult sites, which is illegal in South Korea. The sites had 1.4 million registered members. 

Ahn was arrested last year for taking membership fees with Bitcoins, which the court believes is illegal. The Southern Gyeonggi Provincial Police Agency seized Ahn's 191 Bitcoin. It was the first time for a local enforcement agency to confiscate cryptocurrency which was gained from illegal activities in South Korea.

The court regarded cryptocurrencies as "actual assets," which have monetary value. The ruling added the criminal profit prevention law includes all types of properties, not just cash but goods which have economic value based on conventional social ideas, adding that cryptocurrencies have economic value.

Attorneys said the latest ruling doesn't necessarily mean that the court has given legal authority for digital currencies or confirmed their status as official currencies. 

It is worth mentioning that the Suwon district court ruled last year that "Bitcoin is not subject to confiscation." 

The ruling just showed that cryptocurrencies are assets and law enforcement agencies can seize or confiscate them if profits are in accordance with criminal activities.

 

 Suk Keun-bae

An attorney at Shin and Kim law firm

We have recently reported that South Korea launched a real-name trading system for cryptocurrencies, banning the use of anonymous bank accounts in transactions to prevent cryptocurrency from being used for money laundering and other illegal activities.

German Exchange to launch Bitcoin Products

Deutsche Boerse, the Frankfurt Stock Exchange holder, is deciding about the providing cryptocurrency products
24 May 2018   77

Reporting in London on Wednesday, at a significant event of the sphere, Jeffrey Tessler (the firm's chief of customers, products and core markets), declared: "We are deep at work with it." Nevertheless, any move into the crypto space from the stock exchange might not be forthcoming fast. When CME Group and Cboe Global Markets both started bitcoin futures trading last December, Tessler further claimed during the event that Deutsche Boerse is "not at the same stage." According to his point of view, the company is attempting to understand the volatility of the bitcoin market first and insuring clients and regulators are "in line" before stepping ahead with any offerings.

Whilst a move into offering bitcoin products is not definite, the exchange has already been active in the blockchain field. Deutsche Boerse unvealed details to CoinDesk about its plan to move the majority of its post-trade services to a blockchain last June. It affirmed at the time that it was interested in building a system, using Hyperledger's open-source Fabric protocol, in order to transfer securities and move commercial bank money, while still undertaking cross-jurisdictional compliance with regulators.

Also, as recently as March, the group declared it wish to deploy a platform for more operative securities lending using R3's Corda blockchain tech.