South Korea to modify 76-year-old law to classify cryptocurrencies as national assets
South Korea is revising its 1950 National Property Act to classify cryptocurrencies as national assets as part of a broader blockchain integration strategy. The government plans to pilot tokenized government bonds by 2027 and is exploring the tokenization of state-owned real estate.
Why it matters
This move represents a significant shift in how sovereign states manage public finance and assets through distributed ledger technology.
The proposal contemplates revising the National Property Act, which dates back to 1950, and includes plans to create a broader legal framework for managing state-owned assets. The ministry reiterated plans to start a pilot program for tokenized government bonds in 2027, saying blockchain technology has the potential to reduce transaction costs and speed up transfers.
The article provides a factual overview of government policy changes and technological implementation plans.
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