Crypto Wins in Court: Singapore High Court Recognizes Crypto as Property
Singapore Court Treats Crypto as Trustable Property: Employee Ordered to Return Stolen Coins.
The High Court in Singapore has said that crypto is a type of property that can be held in trust, according to a court judgement. This decision was made in a case involving Bybit, a crypto exchange from Seychelles, and an employee named Ho Kai Xin.
Bybit accused Ho of breaking her work contract and using her position to **transfer over 4.2 million USDT (a type of digital coin) and some traditional money to her own accounts.
The judge, Philip Jeyaretnam, said that "USDT, like any other thing, can be held in trust." He also referred to a statement made by the Monetary Authority of Singapore that it is possible to separate and identify digital assets, which supports the idea that they can be held in trust.
Judge Jeyaretnam also mentioned that "the owner of a crypto asset has a right to that property that can be recognized and enforced in court." He also reminded that the value of objects, including crypto assets, is not inherent but rather assigned by people.
Bybit wanted the court to confirm that Ho was holding both the USDT and the traditional money in trust for Bybit. Ho blamed her cousin for stealing the assets, but the judge didn't believe her and ordered Ho to give the assets back to Bybit.
Reported By Coinpaprika News
