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South Korea establishes law to separate cryptos in divorce cases

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In a new development, South Korean authorities have established a law that ensures that married couples share their crypto holdings during divorce settlements. In a statement from a law firm IPG Legal, it was clarified that the country recognizes cryptocurrency during divorce. The firm, which specializes in the country’s legal system, says both tangible and intangible assets can be divided during a divorce.

South Korea Supreme Court ruling recognizes crypto as properties

The firm cited Article 839-2 of the Korean Civil Act which stipulates that a spouse may seek a division of all marital assets acquired during the marriage whenever a divorce is in shape. IPG Legal also made reference to a 2018 judgment by the country’s supreme court which affirmed crypto assets as properties owing to their economic value.

This simply means any crypto assets accumulated during the marriage can be considered as part of the marital estate. In fact, spouses can request a fact-finding investigation to unravel the actual valuation of their partners’ crypto holdings. They can either choose to cash out the crypto holdings or share the token’s directly.

Meanwhile, conversations involving the sharing of crypto assets during divorce have been gaining momentum in recent years, especially considering the mainstream attention on digital assets. In New York, a wife, named a forensic accountant to unravel the valuation of her husband’s hidden Bitcoin holdings. In the end, the wife discovered that the husband held an undisclosed 12 BTC in an unnamed wallet.

Thanks to the powers of blockchain technology, crypto investments are easy to track. Blockchain helps preserve all transactions, ensuring that they are not vulnerable to any form of modification.

Meanwhile, on the other hand, South Korea seems to be forging ahead to boast its economic relations through Web3. Recently, a province in the country Gyeongbuk invested $13.8 million in Metaverse and Web3 technologies. Likewise, in 2022, South Korea set aside over $180 million to develop a comprehensive metaverse ecosystem.

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Dare Ibitoye
Dare Ibitoye
Over the years, Dare has been a committed reporter in the field of cryptocurrencies. He is also interested in researching about the innovative projects within the blockchain space. During his spare time, Dare loves to listen to music and read about technological trends in the contemporary world

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