The law firm Anguk Law Offices, based in Seoul, announced on Tuesday that it had filed a constitutional appeal on December 30, on the recent regulation of the trade of crypto-currencies introduced by the south Korean government. Indeed, the firm describes this regulation of ” property rights violations “.
Bitcoin in the balance. Source : Agilelaw
Anguk Law Offices railed against the new regulations ” unconstitutional “
The appeal filed by Anguk Law Offices argued that the new regulatory framework of the government, which aims to make the trading of digital currencies in South Korea, non-anonymous, would be ” unconstitutional “. The main argument of the law firm of south korea is that since crypto-currencies are not officially considered as currencies or financial instruments in South Korea, there is no financial law applicable to the negotiation. Jeong Hee-chan, a lawyer of the firm, told reporters : “The status of virtual currency, whether it’s a property, a commodity or other asset type, must be decided before the implementation of a regulation. “
Reminder of the facts
Indeed, on December 28, 2017, the south Korean government has announced its intention to ban the use of virtual accounts and anonymous, in the negotiation of crypto-currencies. The objective of the government is to limit speculation in the digital currency. Moreover, according to the Korea Times, the most of the trade of crypto-currencies in South Korea currently use virtual accounts linked to bank accounts traditional. The new regulation stipulates that from January 20 next, the customers should only use bank accounts with real names and virtual accounts with the corresponding name to be able to make deposits and withdrawals.
Source : Cointelegraph