The Characterization of Cryptocurrencies in East Asia

Abstract

Abstract This chapter focuses on the characterisation of cryptocurrencies as property in East Asia, with particular reference to three jurisdictions: Japan, China and South Korea. It first provides a brief overview of the legal systems of Japan, China and South Korea before discussing whether cryptocurrencies can be considered a thing recognised in the Civil Code, and how ownership is defined as a matter of the civil law in each of the three jurisdictions. It then examines whether cryptocurrencies can be the object of ownership as a matter of Chinese, Japanese or South Korean law and whether the right to cryptocurrencies may be categorised as a quasi-real right rather than real right. It also looks at two remedies available when the right to cryptocurrencies as a quasi-real right is infringed: rei vindicatio, which arises from the law of real rights, and tort liability, which arises from the law of obligations.