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Home » Bybit Case, A Singapore Court Defined Cryptocurrency As A Property

Bybit Case, A Singapore Court Defined Cryptocurrency As A Property

Hania by Hania
July 26, 2023
in Bitcoin News, Crypto Exchanges
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Singapore’s High Court recognized cryptocurrency holdings as property that can be held in trust in a Bybit dispute against its contractor. 

Ho Kai Xin was charged by Bybit for breaking her employment agreement. She allegedly transferred more than 4.2 million USDT to addresses she covertly held, according to the business. She allegedly also moved money into her personal bank account in fiat currency.

In Singapore, the case was presided over by Judge Philip Jeyaretnam, who ruled that USDT could be kept in trust just like any other asset.

The Monetary Authority of Singapore (MAS) public consultation answer was quoted by the judge. It supported the idea that digital assets might be identified, separated, and even held in a trust.

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Bybit Case, A Singapore Court Defined Cryptocurrency As A Property

Jeyaretnam pointed out that a crypto asset owner possesses an incorporeal property interest that is enforceable in court and recognized by common law as a thing in action. 

4️⃣ The judge says these digital assets can be held on TRUST.

👉 That's a legal term for a type of property right that can be enforced by legal action.

👉 This isn't just about #crypto anymore, it's about how we perceive value in the digital age. pic.twitter.com/hUXhw9COcx

— Keyur Rohit (@CryptoKingKeyur) July 26, 2023

The judge also said that, in principle, the owner of a crypto asset has a right to incorporeal property. He continued by saying that the legal treatment of cryptocurrency is not noticeably different from that of other social constructs like money.

“Shells, beads, or notes that feature different printing become currency only when most people accept them as a form of transaction. Even though some people doubt the worth of crypto assets, it is essential to keep in mind that value is not something that comes naturally to things. “

Philip Jeyaretnam, a judge.

Additionally, the judge commanded Ho Kai Xin to return assets to Bybit.

The Singapore High Court’s decision has established that crypto assets can be recognized as property, opening up new legal channels for cryptocurrencies-related disputes and cases. 

Tags: bybitcrypto assetscrypto exchangecrypto news
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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