Cryptocurrency

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<p class="has-drop-cap">A recent report revealed that a Hong Kong court had ruled cryptocurrencies as property in a case. The ruling was made in a legal dispute involving the crypto exchange Gatecoin, which collapsed in 2019. </p> 
<h3 id="crypto-to-be-treated-like-stocks-in-hong-kong">Crypto to be Treated Like Stocks in Hong Kong</h3> 
<p>The High Court of Hong Kong has declared crypto as property in a ruling on Tuesday that involves the now-defunct crypto exchange Gatecoin. According to a report by law firm Hogan Lovells, the court said that crypto assets have property attributes and are “capable of being held on trust.”</p> 
<p>In its report, Hogan Lovells noted that the new ruling could provide insolvency professionals with more clarity on crypto assets. The ruling, which marks the first time such a decision regarding digital assets has been made in Hong Kong, reinforces claims by other jurisdictions that crypto has property characteristics like other assets such as stocks.</p> 
<blockquote class="wp-block-quote"> 
 <p>“Like other common law jurisdictions, our definition of ‘property’ is an inclusive one and intended to have a wide meaning.“ </p> <cite>– said Hong Kong judge Linda Chan. </cite>
</blockquote> 
<p>In the US, the Internal Revenue Service (IRS) also <a aria-label="deems digital assets (opens in a new tab)" href="https://www.irs.gov/businesses/small-businesses-self-employed/digital-assets" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">deems digital assets</a> as property for tax purposes. In other words, digital asset transactions are subject to capital gains taxes, while crypto losses can be tax deductible. Elsewhere, a court in China has also recognized crypto as property.</p> 
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<h3 id="hong-kong-doubles-down-on-virtual-asset-hub-plans">Hong Kong Doubles Down on ‘Virtual Asset Hub’ Plans</h3> 
<p>Hong Kong’s latest historic ruling comes as the city-state continues to ramp up its efforts to restore its crypto and fintech hub status.</p> 
<p>Hong Kong is set to implement a new regulatory regime in June that will require crypto trading service providers to obtain a mandatory license. The city’s securities regulator has already <a href="https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=23PR5" target="_blank" aria-label="published a consultation (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">published a consultation</a> on its proposal to regulate crypto exchanges.</p> 
<p>Global crypto exchange <a href="https://tokenist.com/okx-sets-up-hong-kong-entity-applies-for-virtual-asset-license/" rel="dofollow" class="deco-link">OKX established</a> a Hong Kong entity in March and said it would apply for a virtual asset service provider (VASP) license to operate in the city. OKX and its peer Huobi Global were among the first crypto exchanges planning to acquire the VASP license.</p> 
<p>Earlier this month, Hong Kong’s finance chief <a href="https://tokenist.com/hong-kong-aims-to-push-for-web3-amid-us-regulatory-crackdown/" rel="dofollow" class="deco-link">Paul Chan said</a> that now is the “right time” for the city to promote Web3 development. Chan said in February that Hong Kong would <a href="https://tokenist.com/hk-allocates-6-4m-to-web3-seeks-to-unlock-potential-of-third-generation-internet/" rel="dofollow" class="deco-link">allocate $6.4 million</a> to unlock Web3 potential.</p> 
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<p><em><strong>Do you think Hong Kong could become one of the leading global digital asset hubs in the future? Let us know in the comments below.</strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/hong-kong-court-recognized-cryptocurrency-as-property-in-recent-ruling/">Hong Kong Court Recognized Cryptocurrency as Property in Recent Ruling</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Hong Kong Court Recognized Cryptocurrency as Property in Recent Ruling

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