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A study on legal nature and qualification as a Property of vertual asset - Especially around UNIDROIT regulation -

  • Legal Theory & Practice Review
  • Abbr : LTPR
  • 2025, 13(1), pp.233~249
  • Publisher : The Korea Society for Legal Theory and Practice Inc.
  • Research Area : Social Science > Law
  • Received : February 9, 2025
  • Accepted : February 25, 2025
  • Published : February 28, 2025

Danbie Choi 1

1원광대학교

Accredited

ABSTRACT

Virtual assets, based on blockchain technology, have emerged as significant components of the modern financial ecosystem, possessing economic value and facilitating digital transactions. As their role in financial markets continues to expand, discussions regarding their legal status and ownership rights have become increasingly critical. However, current legal frameworks lack explicit recognition of virtual assets as property under traditional property law principles, leading to significant legal uncertainties. In particular, virtual assets differ from tangible assets in that they exist solely in a digital environment, raising challenges in applying conventional property concepts. This necessitates a thorough legal analysis to determine whether virtual assets can be incorporated into property law and how their ownership can be legally protected. This study examines domestic and international legal perspectives on whether virtual assets can be recognized as property and explores key legal issues surrounding their classification. In particular, the study references the UNIDROIT Principles on Digital Assets, which introduce the concept of "control" as a means of establishing property-like rights over digital assets. Unlike traditional physical possession, control under the UNIDROIT framework is defined by the ability to exclude others from benefiting from the asset, to derive economic value, and to transfer ownership. By incorporating this concept into domestic legal systems, virtual assets may be afforded stronger property protections, aligning legal frameworks with technological advancements. Furthermore, this study evaluates the applicability of bona fide acquisition and security rights to virtual assets. In traditional property law, bona fide acquisition applies to tangible assets, allowing a good-faith purchaser to acquire valid ownership even if the transferor lacked full ownership rights. However, virtual assets operate on blockchain-based transaction records, which provide inherent traceability. This study explores whether blockchain transaction history can serve as a legal basis for establishing ownership and whether bona fide acquisition principles should be adapted to accommodate the unique characteristics of virtual assets. To ensure legal certainty and transactional stability, legislative amendments are required to explicitly define ownership and security interests in virtual assets. This study contributes to the ongoing discussion on the legal classification of virtual assets by proposing regulatory frameworks that integrate property law principles with digital asset technology. By doing so, it aims to enhance legal predictability in virtual asset transactions and facilitate their secure integration into financial and investment markets. Moreover, given the global nature of digital assets, harmonizing domestic laws with international regulatory trends, such as the UNIDROIT framework, will be essential for ensuring comprehensive legal protections.

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