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Seoul High Court Rules Bitcoin Not Classified as Money, Exempt from Lending Regulations in South Korea

June 28 (Cointime) - The Seoul High Court Civil Division has ruled that Bitcoin should not be classified as money, exempting it from lending business regulations in South Korea and declaring that interest rate rules do not apply to BTC.

The ruling was made in response to a legal case involving two companies, referred to as Company A and Company B, in which Company B alleged that changes to the interest rate violated the Interest Limitation Act and the Loan Business Act.

The court dismissed Company B's claims, stating that the contract involved virtual assets, not money, and therefore the regulations did not apply. The ruling can be challenged twice under South Korean law.

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