South Korea to modify 76-year-old law to classify cryptocurrencies as national assets
CoinDesk 2026-07-15 14:35:26
Context: South Korea plans to modernize its 76-year-old national asset management system by revising the 1950 National Property Act to include cryptocurrencies and intellectual property as national assets. The move aims to create a broader legal framework for managing state-owned assets and explore the use of blockchain technology in public finance. The changes are set to take effect on February 4, 2027.
Key Facts
- South Korea's Ministry of Economy and Finance has released an economic policy roadmap that includes plans to revise the National Property Act, which dates back to 1950, to formally include virtual currencies and intellectual property in the country's definition of national assets.
- The government will pilot tokenized government bonds in 2027, exploring the use of blockchain technology to reduce transaction costs and speed up transfers, and link these systems to the Bank of Korea's central bank digital currency infrastructure.
- Officials are studying the tokenization of state-owned real estate to allow retail investors to participate and share in investment returns.
- Amendments to the Capital Markets Act and the Electronic Act are scheduled to take effect on February 4, 2027, giving blockchain-based ledgers formal recognition as security registries under the acts.
- The Bank of Korea has already started trials of its central bank digital currency (CBDC) with commercial banks, and the government plans to connect tokenized government bonds to the Bank of Korea's CBDC infrastructure during the 2027 pilot.