Singapore High Court recognizes crypto as property in Bybit case

By Lola Coin Jul 26, 202372Views

In a Bybit lawsuit, Singapore’s High Court recognizes crypto assets as property held in trust

– Bybit accused Ho Kai Xin of breaching her contract by secretly transferring USDT and fiat currency to personal accounts
– The judge cited a consultation response by the Monetary Authority of Singapore, affirming the possibility of identifying and segregating digital assets in a trust
– Crypto asset holders have incorporeal property rights recognized by common law, similar to other social constructs like money
– The judge ordered Ho Kai Xin to transfer the assets back to Bybit
– This ruling establishes legal avenues for disputes and cases involving cryptocurrencies

Hot Take: Crypto assets gaining recognition as property can strengthen their legitimacy and create clearer regulations for the industry.

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