{"id":22543,"date":"2023-07-26T14:50:02","date_gmt":"2023-07-26T14:50:02","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/cryptocurrencies-gain-legal-ground-singapore-court-affirms-property-status\/"},"modified":"2023-07-26T14:50:02","modified_gmt":"2023-07-26T14:50:02","slug":"cryptocurrencies-gain-legal-ground-singapore-court-affirms-property-status","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/cryptocurrencies-gain-legal-ground-singapore-court-affirms-property-status\/","title":{"rendered":"Cryptocurrencies Gain Legal Ground. Singapore Court Affirms Property Status"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
\n<\/p>\n

\n

Judge Philip Jeyaretnam of Singapore\u2019s High Court awarded cryptocurrencies the status of property in a historic decision on July 25. The decision was reached as a consequence of a lawsuit Bybit brought against Ho Kai Xin, a former employee who was suspected of moving almost 4.2 million Tether (USDT $1.00) from the cryptocurrency exchange to her personal accounts. According to the court, cryptocurrencies should be recognized as property, much like other real items, as long as they continue to possess value derived from shared confidence in them. As a result, the court ordered Ho to refund the money to Bybit.<\/p>\n

Legal Implications and Recognition of Cryptocurrencies<\/strong><\/h2>\n

The decision of Judge Jeyaretnam has important ramifications for the legal standing of digital assets. The judge stressed that naming a river does not depend on the continually shifting water inside its banks by comparing bitcoins to digital tokens. Similar to physical shape, public perception of a currency\u2019s value determines its value rather than its intrinsic properties.<\/p>\n

\n
\n
\n
\n
\n
5BTC or 111% + 111 Free Spins!<\/strong> <\/p>\n

New players only. Exclusive 111% Welcome Bonus + 111 Free Spins in Aztec Magic Deluxe <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

The judge rejected the idea that cryptocurrencies have no intrinsic worth by responding to the doubts around that value. He underlined that value is arbitrary and is determined by the opinions of many different people. The court further established cryptocurrencies\u2019 status as a kind of property under British common law by describing them as \u201cthings in action,\u201d enabling people to assert their rights through the judicial system rather than depending on physical ownership.<\/p>\n

Cryptocurrencies and the Consultation Paper by the Monetary Authority of Singapore<\/strong><\/h2>\n

Judge Jeyaretnam cited the Monetary Authority of Singapore (MAS) consultation document in his decision, which is slated to adopt segregation and custody restrictions for digital payment tokens. According to the judge, digital assets should be allowed to be legally kept in trust if they can be recognized and separated in practice. The court\u2019s approval of cryptocurrencies improves their legal status and defines their place in the financial system of Singapore<\/strong><\/a>.<\/p>\n

Aligning with Singapore\u2019s Rules of Court<\/strong><\/h2>\n

In his ruling, the court referred to Order 22 of Singapore\u2019s Rules of Court 2021, which defines \u201cmovable property\u201d as a variety of assets, including \u201ccryptocurrency or other digital currency.\u201d Singapore\u2019s legal system specifically recognizes the moveable property status of cryptocurrencies, recognizing their potential for ownership and physical worth.<\/p>\n

\n
\n
\n
\n
\n
Get 125% \/ $2,500 on 1st deposit!<\/strong><\/strong> <\/p>\n

New players only. Welcome Bonus – 125% bonus on your first deposit up to $2,500<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

A Precedent for Cryptocurrencies and NFTs<\/strong><\/h2>\n

In May 2022, the High Court of Justice in London rendered a precedent-setting judgement that recognized nonfungible tokens (NFTs) as \u201cprivate property.\u201d This decision in Singapore is reminiscent of that historic finding. Experts applaud this ruling as a crucial step toward protecting the property rights of NFT investors. Together, these decisions represent a rise in the legitimacy of digital assets as forms of property throughout the world, which will probably influence how the cryptocurrency business is governed in the future.<\/p>\n<\/p><\/div>\n

Source link <\/a>
\n
<\/p>\n","protected":false},"excerpt":{"rendered":"

(Originally posted on : Crypto News – iGaming.org ) Judge Philip Jeyaretnam of Singapore\u2019s High Court awarded cryptocurrencies the status of property in a historic decision on July 25. The decision was reached as a consequence of a lawsuit Bybit brought against Ho Kai Xin, a former employee who was suspected of moving almost 4.2 […]<\/p>\n","protected":false},"author":34,"featured_media":22544,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22543"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=22543"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/22543\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/22544"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=22543"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=22543"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=22543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}