HK Court Rules Cryptocurrencies As Property
In a ruling involving the defunct crypto exchange Gatecoin, a Hong Kong court recognised cryptocurrencies as property that can be held in trust.
According to a Hogan Lovells analysis of the ruling, Judge Linda Chan stated that crypto has property attributes. The court decided that it was appropriate to follow other jurisdictions’ reasoning that crypto was property and could be the subject of trust.
According to Hogan Lovells, the new ruling may provide greater clarity in terms of digital assets to insolvency practitioners in Hong Kong. Confirming that cryptocurrency is property in the same way that other assets such as stocks are aligns Hong Kong with other jurisdictions.
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