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.
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.
— 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.