Bitcoin on Exchanges Can Be Legally Seized in South Korea, Supreme Court Affirms
South Korea’s Supreme Court has ruled that Bitcoin held on cryptocurrency exchanges can be seized under the Criminal Procedure Act, upholding previous lower court decisions. The case involved the seizure of 55.6 Bitcoin during a money laundering investigation. The defendant argued that Bitcoin should not be subject to seizure as it is not a physical object, but the Supreme Court determined that both tangible objects and electronic information, including cryptocurrencies, can be seized if connected to criminal activity. The court recognized that Bitcoin, as an electronic token with economic value, qualifies as an asset subject to seizure. This decision aligns with prior South Korean rulings that treat cryptocurrencies as property with economic value and allow confiscation when linked to crime. Other countries, such as the UK, have recently enacted similar laws that grant digital assets property status, clarifying asset recovery and enforcement in cases involving cryptocurrencies.
