Read

In a Bybit lawsuit against its contractor, Singapore’s High Court recognized crypto assets as property capable of being held in trust.&nbsp; 
Bybit accused its employee, Ho Kai Xin, of breaching her contract. The company claims she transferred over 4.2 million USDT to addresses she secretly owned. Additionally, she allegedly transferred fiat currency to her personal bank account. 
Judge Philip Jeyaretnam, presiding over the case in Singapore, <a href="https://www.elitigation.sg/gd/s/2023_SGHC_199" target="_blank" rel="noopener noreferrer nofollow">stated</a> that USDT could be held on trust like any other property. 
 You might also like: <a href="https://crypto.news/bybit-expands-to-cyprus-with-a-newly-granted-license/" rel="noopener noreferrer nofollow"> Bybit expands to Cyprus with a newly granted license </a> 
The judge cited a public consultation response by the Monetary Authority of Singapore (MAS). It affirmed the possibility of identifying and segregating digital assets, including holding them in a trust. 
Jeyaretnam further emphasized that a crypto asset holder has an incorporeal property right, recognized by common law as a thing in action and enforceable in court.&nbsp; 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 5️⃣ The Judge also cited a consultation paper by the Monetary Authority of Singapore that sets requirements for digital payment tokens. 👉 If we can identify &amp; segregate these digital assets in practice, they should be held on trust legally. <a href="https://t.co/TTw0e3Wvij" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/TTw0e3Wvij</a>— Keyur Rohit (@CryptoKingKeyur) <a href="https://twitter.com/CryptoKingKeyur/status/1684152784084668418?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 26, 2023</a> 
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
The judge added that the crypto asset holder has, in principle, an incorporeal property right. He added that crypto is not strikingly different from how the law approaches other social constructs, such as money. 
<blockquote class="wp-block-quote"> 
 “It is only because people generally accept the exchange value of shells or beads or differently printed paper notes that they become currency. While some people are sceptical of the value of crypto assets, it is worth keeping in mind that value is not inherent in an object.”&nbsp; <cite>Judge Philip Jeyaretnam</cite> 
</blockquote> 
The judge also ordered Ho Kai Xin to transfer assets back to Bybit. 
This ruling by the Singapore High Court has established that crypto assets can be treated as property, opening new legal avenues for disputes and cases involving <a href="https://crypto.news/learn/blockchain-forensics-how-authorities-track-crypto-transactions/" rel="noopener noreferrer nofollow">cryptocurrencies</a>.&nbsp; 
 Read more: <a href="https://crypto.news/singapore-to-mandate-crypto-exchanges-store-client-funds-in-a-trust/" rel="noopener noreferrer nofollow"> Singapore to mandate crypto exchanges store client funds in a trust&nbsp; </a>

Singapore сourt defines crypto as property in Bybit case

crypto.news

Other articles published on Jul 26, 2023

BTC Investor Sentiment Strengthens as Supply in Exchanges Drops to 4-Year Low

Upstart Stock Price Shot up 17%; UPST Stock hit 52 Week High

Polygon’s innovation continues, Alex The Doge community growing

A New Gold Standard: Unleashing Gold’s Potential as Premium Collateral

B2BinPay and Ledger Introduce Limited Edition Hardware Wallets with Branded Design

House Financial Services Committee to Markup Legislation for Regulatory Clarity in the Digital As...

Join our free newsletter for daily crypto updates!