Ethereum

Read

FOMO

Hong Kong has declared that crypto can be recognised as property and can thus be held on trust.
The declaration came as part of a case involving the now-defunct local crypto exchange Gatecoin.
Law firm Hogan Lovells made the revelation in a <a href="https://www.engage.hoganlovells.com/knowledgeservices/news/a-whole-new-world-hong-kong-court-declares-crypto-assets-are-property-and-can-be-held-on-trust?ref=blockhead.co">blog post</a>, stating, "in a landmark ruling, the Honourable Madam Justice Linda Chan, in Re Gatecoin Limited [2023] HKCFI 91, found that cryptocurrency inherently has all the attributes of property."
As cryptocurrencies are property, they can be held on trust, according to the Hong Kong court. Gatecoin's terms and conditions "made it clear that cryptocurrencies were not held on trust for its customers due to lack of certainty of intention," the law firm said.
Chan said Hong Kong defines "property" broadly, "intended to have a wide meaning," &nbsp;which is in line with other common law jurisdictions.
Gatecoin shut down in 2019 and began liquidation in an attempt to recover disputed funds from a payment services provider. The exchange held US$17.8 million in crypto as of last October.
Liquidators looked to the court to determine whether Gatecoin's crypto should be treated as property held on trust.
"If no trust existed, the digital assets should be made available to the general body of creditors," Hogan Lovells said.
The law firm said that the ruling should now give Hong Kong liquidators "greater clarity" on how to treat crypto assets.
<h2 id="lack-of-global-consensus">Lack of global consensus</h2>
Hong Kong's crypto-as-property ruling is echoed in other jurisdictions such as Mainland China and in the UK.
However, a Singapore judge recently declared that crypto is "not money" and rejected the premise that fiat debt procedures apply to crypto.
Read more: <a href="https://www.blockhead.co/2023/04/18/is-crypto-actually-money-singapore-judge-says-no/">Is Crypto Actually Money? Singapore Judge Says No</a>
The US is also facing an internal debate about what cryptocurrencies are. Whilst the Internal Revenue Service treats crypto as property for tax purposes, the SEC argues that Ethereum is security, and the CFTC concluded the second largest crypto is a commodity. 
Read more: <a href="https://www.blockhead.co/2023/03/10/ethereum-is-a-security-again-as-kucoin-exchange-sued-by-nyag-cftc-sec/">Ethereum is a Security Again as NYAG Sues KuCoin Exchange</a>
<hr>
The world of Web3 can be quite a whirlwind. Whether it’s crypto news in Singapore, South East Asia or even across the globe, we understand how busy the industry is keeping you, so we kindly send out three newsletters each week:
<ul>
 <li><a href="https://blockhead.co/tag/blockbeat?ref=blockhead" rel="noopener noreferrer">BlockBeat</a> for a wrap-up of the week’s digital assets news</li>
 <li><a href="https://blockhead.co/tag/blockhead-brief?ref=blockhead" rel="noopener noreferrer">Blockhead Brief</a> for weekend happenings as well as what to look forward to in the week ahead</li>
 <li><a href="https://www.blockhead.co/tag/business-bulletin/" rel="noopener noreferrer">Business Bulletin</a> for macroeconomic updates and industry developments.</li>
</ul>
To avoid FOMO and access member-only features, click <a href="https://www.blockhead.co/#/portal/" rel="noopener noreferrer">here</a> to subscribe for FREE.
 
<h2 id=""></h2>

Hong Kong Declares Crypto Has "All the Attributes of Property"

목차

Blockhead

2023년 4월 20일에 게재된 다른 기사

Why is Rust the Best Choice for the Polkadot Blockchain Project?

Decentralized Perpetual Exchange PairEx Announces Beta Trading Competition with Up to 8,888 USD A...

Trump’s second round NFTs sell out on day one

Get Ready to Discover the Best NFT Collections with OK VIP NFTs: A New Frontier in the Okcash Eco...

Boba Network Announces Integration with Obvious

Decentralized Perpetual Exchange PairEx Announces Beta Trading Competition with Up to 8,888 USD A...

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!