Anguk Law Offices announced Tuesday that it had filed a lawsuit December 30 on the recent regulations of the South Korean government on cryptocurrency. , calling them a "violation of property rights," reports The Korea Times.

The appeal contends that the latest government regulations on cryptocurrency transactions released last week are aimed at trading virtual currencies in South Korea. anonymous, are "unconstitutional".

Anguk Law Offices contends that, since cryptocurrency is not officially considered a currency or financial instrument in South Korea, there is no applicable financial law governing their transactions.

Jeong Hee-chan, a lawyer's attorney, told reporters that the status of virtual currencies – whether property, merchandise, or other type of asset – must be decided before the regulations are put in place:

"We agree that a regulation is necessary, but the regulation should come after the implementation of the regulations. Related laws The petition is also a request for the government to respect people's property rights and introduce regulations after reaching a social consensus. "

Recent Regulations

On December 28, the South Korean government announced its intention to ban the use of anonymous virtual accounts for cryptocurrency trading with the aim of "curbing virtual currency speculation", reported Agency Yonhap's local press

use virtual accounts linked to their bank accounts because they allow stock exchanges to manage customers' money more easily.

From January 20, customers will only have to use bank accounts and real accounts Cryptocurrency exchanges must have corresponding names in order to be used for deposits and withdrawals, reports publication.

FOMO-drive "cryptocurrency mania" in South Korea was credited with Ripple's notable growth over the past week, which propelled the altcoin to become the second-largest crypto -currency by market capitalization.