- Hong Kong court declares crypto as property.
- Cryptocurrencies can be held on trust.
- Aligns with other common law jurisdictions.
In a groundbreaking decision that has stirred up debate, a Hong Kong court has officially recognized cryptocurrencies as a form of property for the first time. The ruling, delivered by the Honourable Madam Justice Linda Chan in Re Gatecoin Limited [2023] HKCFI 91, acknowledges that digital assets inherently possess all the characteristics of property.
This decision has major implications for the future of cryptocurrencies in Hong Kong, as it brings the region in line with other common law jurisdictions that have already recognized the proprietary nature of digital assets. It also opens the door for cryptocurrencies to be held in trust, adding a layer of legitimacy to their use and ownership.
However, the ruling also highlighted that in the specific case of Gatecoin Limited, the company’s terms and conditions of 2018 made it clear that the company did not hold cryptocurrencies in trust for its customers. This serves as a reminder to investors and businesses alike that the legal treatment of cryptocurrencies can vary depending on individual agreements and circumstances.
The world continues to grapple with the regulatory challenges posed by digital currencies, this controversial verdict is set to have lasting repercussions on the legal landscape surrounding cryptocurrencies in Hong Kong and beyond.
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In other news, Russia’s Central Bank head, Elvira Nabiullina, recently announced, in a controversial move, a proposal to permit the use of cryptocurrencies in international transactions. This experimental initiative has been greeted with both optimism and skepticism, as it represents a significant departure from the government’s previous stance on cryptocurrency usage in the country.
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