The case against the South Korean government over cryptocurrency regulations filed with the Constitutional Court has been referred to the Supreme Court. If the court rules that the regulations are unconstitutional, all existing crypto regulations imposed by the government could be nullified.
The constitutional appeal filed against the South Korean government over cryptocurrency regulations at the end of December has been referred to the country’s Supreme Court by the Constitutional Court.
Lawyer Jeong Hee-chan alleged that “regulating the trade through administrative guidance without any legal grounds is an infringement of property rights,” the Korea Times reported and quoted Jeong’s law office stating:
The government’s regulations are devaluing virtual currencies by making trading very difficult…Thus, this is an infringement on people’s property rights by the government’s unlawful measures.
Jeong clarified, “We agree that regulations are necessary,” adding “but regulations should come after related laws are implemented. The petition is also a request for the government to respect people’s property rights and introduce regulations after reaching a social consensus.”