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
