A court based in Hong Kong has acknowledged cryptocurrencies as property that can be held in trust in a ruling involving the defunct crypto exchange Gatecoin.by the law firm Hogan Lovells, Judge Linda Chan reportedly said that crypto has property attributes. The court deemed that it was appropriate to follow reasoning applied by other jurisdictions that crypto was property and could form the subject matter of trust.
“Like other common law jurisdictions, our definition of ‘property’ is an inclusive one and intended to have a wide meaning.“ According to Hogan Lovells, the new ruling can potentially give insolvency practitioners in Hong Kong greater clarity in terms of digital assets. Confirming that crypto constitutes property similar to other assets like stocks aligns Hong Kong with other jurisdictions.
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According to Hogan Lovells, the new ruling can potentially give insolvency practitioners in Hong Kong greater clarity in terms of digital assets. Confirming that crypto constitutes property similar to other assets like stocks aligns Hong Kong with other jurisdictions.
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Source: CoinDesk - 🏆 291. / 63 Read more »