South Korean institute calls for Civil Code amendment to recognize crypto as property

South Korea's Judicial Policy Research Institute (JPRI) proposed in February that the country's Civil Code should be amended to legally recognize cryptocurrency as property, Digital Asset reported. The institute argued that under current law, virtual assets are not considered property, which can create problems in protecting holders. According to the JPRI, the concept of property can be expanded to reflect societal changes and the needs of modern commerce. It noted the increasing use of cryptocurrencies as a means of exchange and the corresponding rise in related transactions and legal disputes, concluding that virtual assets meet all the necessary criteria to be classified as property. The JPRI urged for more active discussions and the enactment of relevant legislation.