South Korea Considers Recognizing Cryptocurrency as Property

South Korea's Judicial Policy Research Institute has proposed an amendment to the Civil Code to recognize cryptocurrency as property. According to NS3.AI, the institute highlighted that the current legal framework does not classify virtual assets as property, which complicates the protection of holders. The proposal is driven by the increasing use of cryptocurrencies, a rise in related transactions, and the growing number of legal disputes, underscoring the need for updated legislation.