In a court held in Hong Kong, it was stated that cryptocurrencies are a property that can be held in trust.
A Hong Kong-based court has acknowledged that cryptocurrencies are a property in a case involving the shut-down crypto exchange Gatecoin. In this court, Judge Linda Chan was the person behind the decision on crypto ownership.
Cryptocurrency Decision in Court in Hong Kong
A court in Hong Kong has stated that cryptocurrencies are property that can be held securely.
Judge Linda Chan, who presided over the court, said, “As in other common law countries, our definition of ‘property’ is inclusive and has a broad meaning.” said.
The crypto ownership decision made by the court dealing with a crypto exchange called Gatecoin also signaled the next processes in Hong Kong. Law firm Hogan Lovells stated that this decision will offer clarity in terms of digital assets to bankruptcy practitioners in Hong Kong.
In addition, a court in China also recognized crypto as property. In a 2019 decision by the Hangzhou Internet Court, Bitcoin was defined as a digital property with legal status.
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