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South Korea has made a significant legal breakthrough by allowing the sale of seized cryptocurrencies, enabling the country's treasury to profit by approximately $37 million.
The Seoul Central District Court handed down the ruling following a lengthy legal battle over the government's right to sell off cryptocurrency seized during a 2018 investigation into a pornographic site known as "Baksa." The decision to sell the cryptocurrency, which was valued at around $47 million when it was seized, comes as South Korea grapples with a growing wave of cryptocurrency-related crime.
In 2020 alone, the country's police reported that they had seized over $10 million worth of cryptocurrency.
The ruling is a welcome development for South Korea's cryptocurrency industry, which has been dogged by regulatory uncertainty in recent years. It could also serve as a precedent for other countries grappling with similar legal issues related to seized cryptocurrencies.
The South Korean government has yet to announce how it will spend the proceeds from the sale of the seized cryptocurrency, but it is widely expected that the funds will be used to combat cybercrime and other illegal activities.
