Digital Asset exclusively reported that the Judicial Policy Research Institute made a policy proposal in February, stating that cryptocurrencies should be recognized as "objects" (물건성). Under the current Civil Act, cryptocurrencies are not recognized as objects, which can lead to issues such as lack of protection for holders. The proposal suggests that this "object status" should be recognized through a legal amendment. The Institute noted that the concept of an object can expand with changes in times and transaction needs, and that cryptocurrencies are being used as a means of exchange while also seeing an an increase in transactions and legal disputes. Accordingly, the analysis concludes that cryptocurrencies meet all the requirements of an object. The Institute also urged for more active discussion and related legislation.
