South Korea Crypto: Legal Division of Cryptocurrency in Divorce Settlements
Important Developments in Cryptocurrency Divorce Settlements
Recently, South Korea crypto regulations have taken a transformative turn. Married couples can now officially divide their cryptocurrency holdings during divorce proceedings. This marks a significant shift in how digital assets are addressed under the country's legal framework.
Recognizing Cryptocurrency as Marital Assets
A South Korean law firm specializing in divorce law, IPG Legal, clarified that cryptocurrency in divorce must be considered as part of marital assets. Under Article 839-2 of the Korean Civil Act, both spouses are entitled to request a division of both tangible and intangible assets, which now includes cryptocurrencies like Bitcoin.
The Impact of Legal Precedents
This development follows a crucial Supreme Court ruling in 2018, which established that cryptocurrencies should be classified as property due to their economic value. Consequently, any crypto assets acquired during the marriage will be included in the marital estate. This means spouses aware of their partner's cryptocurrency wallets can seek legal measures to divide these assets.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.