South Korea’s legal system is set to include crypto holdings as part of a bankrupt person’s assets
Five licensed exchanges who offer crypto trading have agreed on the terms on a deal, including the popular Upbit.
They will work with the Seoul Bankruptcy Court on specific cases.
Courts had previously struggled to recognise crypto as an authentic asset class.
Some courts believe individuals filing for bankruptcy have attempted to ‘conceal’ their financial holdings by purchasing crypto-assets.
But one judge recently decided an individual’s Bitcoin wallet was part of their property in a landmark case last year.
No crypto firms have signed an agreement with a domestic legal body in the nation of around 52 million people.
Courts are investigating a national framework to determine the price of crypto-assets at specific times.
There are hopes the landmark deal will also change the public’s perception of crypto.
Meanwhile, crypto has been trading at the bottom of a year-long price range, down 6 per cent in the past 24 hours.
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