Singapore’s High Court Recognizes Crypto as Property in Bybit Case
The High Court of Singapore has ruled that cryptocurrencies are considered property in a recent case involving crypto exchange Bybit and a contractor. The court judgment stated that crypto assets can be held on trust and are classified as “things in action,” similar to cash balances or money due on a bond. The specific case focused on USDT, but the judge emphasized that this ruling applies to all cryptocurrencies.
Key Points:
- The Monetary Authority of Singapore’s proposed amendments support the identification and segregation of digital assets, reinforcing the legality of holding crypto on trust.
- Crypto assets are recognized as incorporeal rights of property, enforceable in court.
- The case involved Bybit accusing contractor Ho Kai Xin of breaching her employment contract and transferring 4.2 million USDT to her own addresses.
- Ho claimed the fraud was perpetrated by her cousin, but the judge found no evidence to support this and ruled in favor of Bybit.
- Bybit presented evidence of Ho’s substantial purchases, including a penthouse apartment, car, and luxury products.
Hot Take: The Singapore High Court’s acknowledgment of crypto assets as property is a significant step in recognizing the legal rights and protections surrounding cryptocurrencies. This ruling provides clarity and sets a precedent for future cases involving crypto exchanges and individuals. It also highlights the importance of maintaining proper security measures to prevent unauthorized access and potential fraud.
By
By
By
By
By
By