Featured image from CNBC, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
In a recent development, a judge of the Singapore High Court has declared that cryptocurrencies are personal properties. The court likened crypto to fiat money, and since fiat passes as personal property, crypto should pass as one, too, the court reasoned.\u00a0 Genesis Of The Case Judge Philip Jeyaretnam made this declaration in a case that had earlier been brought by crypto exchange Bybit against a former employee named Ho Kai Xin. Bybit alleged that Ho had transferred around $4.2 million USDT from the crypto platform\u2019s account to her accounts.\u00a0 Related Reading: LayerZero Crosses This Significant Milestone, But Is An Airdrop Coming? In what was the most expected outcome, the court ordered Ho to transfer the money back to Bybit. However, what caught the crypto community’s attention is the status that the Judge placed on cryptocurrencies.\u00a0 The Judge referred to the USDT tokens in question as a \u201cproperty.\u201d And despite these tokens not being physical, the judge opined that \u201cWe identify what is going on as a particular digital token, somewhat like how we give a name to a river even though the water contained within its banks is constantly changing.\u201d Total market cap jumps to $1.4 following Wednesday recovery | Source: Crypto Total Market Cap on Tradingview.com He was also quick to debunk the notion that crypto doesn\u2019t have any \u201creal\u201d value, as, according to him, value is \u201ca judgment made by an aggregate of human minds.\u201d\u00a0 Judge Jeyaretnam further classified crypto as personal property when he referred to it as \u201cthings in action,\u201d which means any personal property one has the right to sue for recovery. This mostly pertains to money.\u00a0 The judge also highlighted that he wasn\u2019t referring to USDT as personal property because holders can redeem its physical equivalent. Instead, he believes that this feature isn\u2019t required of a crypto asset for it to be classed as a \u201cthing in action.\u201d Status Of Crypto In Other Jurisdictions\u00a0 This ruling is, however, not the first time that digital assets are referred to as \u2018personal property\u2019. In 2022, a London Court ruled that nonfungible tokens (NFTs) represent \u201cprivate property.\u201d Related Reading: Fundstrat Predicts Bitcoin Will Reach $180,000 In 2024, But What\u2019s The Catalyst? The UK Law Commission, earlier this year, also recommended that a new category of personal property should be created to accommodate digital assets like cryptocurrencies and NFTs.\u00a0 Furthermore, a Montana Bill classifying crypto as personal property was also approved by the House of Reps earlier this year in April. Given this, it looks like it will not be long before crypto is finally stamped as personal property in major jurisdictions. Featured image from CNBC, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":544500,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[6664,88436,16149,88706,1558],"class_list":["post-544495","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-crypto-lawsuit","tag-crypto-ownership","tag-crypto-property","tag-cryptocurrency"],"acf":[],"yoast_head":"\n
Singaporean Judge Declares Crypto Is Personal Property In ByBit Case<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n