SOUTH KOREA Law and Practice Contributed by: Byung Chang Lee, DR & AJU LLC
intangible property with a property value. In this case, the Korean Supreme Court held that: • bitcoin is a kind of so-called virtual currency that digitally represents economic value and enables electronic transfer, storage and trans - action; and • bitcoin is an intangible asset of property value based on the fact that it was treated as hav - ing value by being paid for by advertisers who wanted it.
There are increasing numbers of cases in which people apply for provisional seizure by com - pulsory execution of virtual assets such as bit - coin. However, as there is no statute related to civil enforcement on virtual assets, confusion is expected when a forced enforcement application is requested. Therefore, a study by an incumbent judge proposed that guidelines should be pre - sented in the Korean Supreme Court rules until relevant legislation is implemented.
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