A Hong Kong court has decided crypto should be treated as property held on trust in a case involving now-defunct crypto exchange Gatecoin, according to law firm HoganLovells. By iamsandali.
In 2019, Hong Kong-based crypto exchange Gatecoinit will shut down and start liquidation following an attempt to recover disputed funds from a former payment services provider.
Liquidators sought directions from the court on whether the crypto held by Gatecoin should be treated as property held on trust or"if no trust existed, the digital assets should be made available to the general body of creditors," according to the Hogan Lovells report. The exchange held crypto upwards of 140 million Hong Kong dollars in October 2022, the report said.
"While the court determined that cryptocurrencies are capable of forming the subject matter of a trust more generally, on the facts in this particular case it found that a trust had not been established," the report said. The ruling would give Hong Kong liquidators"greater clarity" on how crypto assets held by companies should be treated in wind-down procedures, reported Hogan Lovells.
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