South Korea Officially Recognizes Cryptocurrency as a State Asset

South Korea is changing its state asset management regulations for the first time in 76 years. The country's Ministry of Economy and Finance has introduced a new bill that will expand the definition of state property beyond real estate.

The new law will include digital assets, cryptocurrencies, and intellectual property in the state's asset inventory. The changes will affect property valued at approximately $940 billion.

The legislation currently in force was adopted in 1950 and was primarily focused on managing land and buildings. Under the new rules, the state will aim to generate revenue from its owned assets and will no longer focus solely on their maintenance.

One part of the plan involves issuing state bonds in digital format. According to the plan, starting from 2027, state bonds will be issued in digital form. For this purpose, the central bank's digital currency system will be used. Under the government's plan, citizens will be able to purchase these bonds and receive income from them.

It is clear that South Korea no longer views cryptocurrency merely as a high-risk investment tool. It is gradually becoming part of the country's financial system.

South Korea is one of the most active markets for cryptocurrency trading. Approximately 18 million people in the country are involved in this sector, and a significant portion of global trading volume comes from the local market.

Source: Yahoo Finance