Seoul, South Korea, Saturday, October 12, 2024-South Korea now recognizes cryptocurrencies, including Bitcoin (BTC), as divisible assets in divorce settlements. According to IPG Legal, under the Korean Civil Act, digital assets acquired during marriage can be split upon separation, treating them like any other form of property.
An October 10 post from lawyer Sean Hayes explains that cryptocurrencies fall under Article 839-2, which covers both tangible and intangible marital assets. The 2018 Supreme Court decision affirmed virtual assets’ economic value, paving the way for crypto division in divorces.
Couples can request a court-ordered investigation to track hidden assets, and despite blockchain’s pseudonymous nature, transactions can be traced. Spouses can use legal means to access exchange records, uncover undisclosed holdings, and divide the assets either by cashing out or splitting the tokens.
South Korea’s decision to include crypto in marital asset divisions aligns with its broader push for transparency.
In December 2023, the country introduced legislation requiring high-ranking officials to disclose their crypto holdings by June 2024, following a political scandal involving hidden crypto assets worth $4.5 million.
