The Supreme court of South Korea declared the bitcoin “asset with measurable value”, and confirmed the high court decision on the confiscation 191 BTC convict the owner of the porn site.
In may 2017 for violation of the Law on the protection of children and juveniles from sexual abuse was arrested the owner of the porn site. In September, he was sentenced to 1.5 years of imprisonment and a fine of 696 million won ($646 thousand).
It was reported that the 33-year-old man has distributed 235 thousand indecent photographs and earned 1.9 billion won ($1.7 million). Part payment pornodelets received in bitcoins.
But the lower court did not support the request of prosecutors on the confiscation caught in their hands, BTC 216 of the accused. The refusal of the judge argued that bitcoins exist only electronically and have no physical form.
The decision was appealed to the high court, which ruled to confiscate 191 BTC, convicts received as payment for illegal content.
The Supreme court upheld this decision and stated that scriptactive can be regarded as profits derived from trade.
“It is recognized that the cryptocurrency has value, so it can be confiscated,” reads the Supreme court decision.
This is the first judgment in Korea, the confiscation of the cryptocurrency.
The lack of proper regulation of cryptocurrencies in different countries leads to the opposite court decisions in respect of scriptaction. For example, in Russia, the court refused to incorporate the cryptocurrency into the bankruptcy estate in the bankruptcy case.