“Cryptocurrency value derives from collective human perception, Judge Philip Jeyaretnam stated in a Singapore High Court verdict that equated digital currencies with fiat money. His ruling, recognizing crypto assets as property despite their incorporeal nature, could initiate a sea change in cryptocurrencies’ legal status.”
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Legal Spotlight: Singapore’s High Court Endorses Cryptocurrency as Trust-held Property
Singapore’s High Court recently recognized cryptocurrency as a property eligible for trust holding, a result of a case initiated by Bybit against contractor, Ho Kai Xin. Judge Philip Jeyaretnam highlighted that the holder of a crypto asset has an intangible property right, echoing sentiments of a public consultation response by the Monetary Authority of Singapore published in 2023.
Breaking Boundaries: Singapore High Court Draws Crypto Closer to Fiat, Defines it as Property
A recent ruling by Singapore’s High Court likened cryptocurrency to fiat money, declaring it personal property and recognizing its ‘real’ value. The court’s decision contributes to changing regulations around digital assets and helps advance conversations about the credibility and security of investments in blockchain technologies like NFTs. However, challenges, including cybersecurity threats and regulatory conformance issues, could arise.