According to the lawyers, the move is expected to instill certainty and confidence in crypto-related businesses in the region.
In a landmark ruling, Hong Kong’s High Court declared crypto as property that can be held in trust. This marks the first time such a decision regarding asset class has been made in the city-state.
The ruling, which was handed down in liquidation of a case involving the now-defunct crypto exchange Gatecoin, essentially puts crypto on par with other intangible assets such as stocks and bonds.by London-based law firm Hogan Lovells earlier this week. The report stated that Justice Linda Chan, who presided over the Gatecoin case, found that crypto “inherently” has all the attributes of property.
“Linda Chan J noted that “like other common law jurisdictions, our definition of ‘property’ is an inclusive one and intended to have a wide meaning.” The court felt it appropriate to apply and follow the lines of reasoning adopted in other jurisdictions that cryptocurrency was “property” and was capable of forming the subject matter of a trust.”
The latest ruling is in stark contrast to the status of crypto-assets in the United States which continues to remain ambiguous. A major government agency – Securities and Exchange Commission – views most crypto assets as securities diverging from the viewpoint of the Commodity Futures and Trading Commission , which considers Bitcoin and Ether to be commodities.the world’s first comprehensive framework for crypto – Markets in Crypto Act .
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Supreme Court, in reversal from Texas judge, lets abortion pill access stand in blue statesThe court temporarily blocked the lower court ruling while an appeal proceeds over the...
Read more »
Supreme Court preserves abortion pill access as lawsuit continuesThe Supreme Court votes to preserve women’s access to a drug used in the most common method of abortion, rejecting lower-court restrictions while a lawsuit continues.
Read more »
Ryan Reynolds Unfollows Joe Alwyn After Taylor Swift and Blake Lively Dinner, According to SwiftiesEagle-eyed fans claim Ryan Reynolds unfollowed Joe Alwyn on Instagram almost immediately after his dinner with his wife Blake Lively and Taylor Swift in New York City.
Read more »
How to Be Good and Happy, According to AristotleBeing a good person is no easy task. Taking these 3 actions can help, writes NeelBurton
Read more »
Larry Elder's chances of beating Donald Trump, according to bookmakersThe California-based conservative radio host announced his presidential bid on Thursday.
Read more »