Court in Hong Kong declares crypto to own property after a new judgment
Court in Hong Kong declares crypto to own property after a new judgment
In a pioneering judgment, the Hong Kong Krypto's Supreme Court declared property as a trusted property. This is the first time that such a decision was made regarding the asset class in the city state.
The judgment that has been issued for liquidation of a case in connection with the now dissolved crypto exchange gatecoin essentially puts Krypto on one level with other intangible assets such as stocks and bonds.
cryptocurrencies represent property
The judgment was announced at the beginning of this week by the Hogan Lovells law firm based in London. The report states that judge Linda Chan, who headed the gatecoin case, found that crypto "naturally" has all the properties of property.
"Linda Chan J noted that" our definition of 'property' as in other jurisdiction of the common law is extensive and is said to have a broad meaning. " The court considered it appropriate to apply the argument accepted in other jurisdiction and to follow that cryptocurrency was "property" and could form the subject of a trust. "
The latest judgment is in blatant contrast to the status of crypto-assets in the United States, which remains unclear. A large government agency-the Securities and Exchange Commission (SEC)-views most crypto-assets (with the exception of Bitcoin) as securities that deviate from the point of view of the Commodity Futures and Trading Commission (CFTC) that views Bitcoin and Ether as raw materials.
regulations all over the world
On April 20, the legislators of the European Union approved the world's first comprehensive framework for crypto markets in Crypto Act (Mica). Legislation aims to reduce the risks for consumers when buying crypto-assets by being held responsible when they lose investor funds. Mica also introduces several requirements for cryptoplate shapes, token emitters and dealers in relation to transparency, disclosure, authorization and monitoring of transactions.
The USA, on the other hand, still have to provide a comprehensive regulatory framework. While the war continues against crypto, several crypto companies based in the USA concentrate on relocating their activities abroad. At the beginning of this week, Coinbase announced that it would consider moving to a friendlier jurisdiction. The Gemini crypto exchange led by the Winklevoss twins also announced that they are expanding their global engineering and business teams to India.
the US colleague Tyler Winklevoss , ,
"While the US regulatory authorities were busy leading to power and refused to create the most fundamental clarity for the crypto industry, the European Union has just approved the Mica Ordinance, which offers a comprehensive framework for crypto in Europe.
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