Singapore’s High Court Recognizes Crypto as Property
Singapore’s High Court has ruled that crypto assets, such as USDT, can be held on trust and are enforceable through court orders. This ruling came as a result of a case involving Bybit, a Seychelles-based exchange, and a contractor who had allegedly abused her position to transfer funds. The judge stated that like any other thing in action, USDT can be held on trust. The ruling also referred to a public consultation response by the Monetary Authority of Singapore, indicating that digital assets can be segregated and held on trust. The judge acknowledged that the concept of crypto assets as property may be controversial but emphasized that value is not inherent in an object.
Main Key Points:
1. Crypto assets, including USDT, can be held on trust.
2. The ruling is supported by a public consultation response from the Monetary Authority of Singapore.
3. The judge compared the concept of crypto assets to other social constructs like money.
4. The judge determined that the defendant’s claim of her cousin’s involvement was not credible.
5. The court ordered the defendant to transfer the assets back to Bybit.
Hot Take:
The Singapore High Court’s ruling recognizing crypto as property and enforceable through court orders is a significant development for the crypto industry. This decision provides legal clarity and protection for individuals and businesses involved in the crypto space. It also highlights the importance of trust and accountability within the industry. Overall, this ruling sets a precedent for future cases involving crypto assets in Singapore and could potentially influence other jurisdictions to adopt similar views.
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