• About Us
  • Careers
  • Contact
No Result
View All Result
Thursday, June 5, 2025
DeFi Planet
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Markets
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverses
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Markets
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverses
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
No Result
View All Result
DeFi Planet
No Result
View All Result

Singapore High Court Declares Cryptocurrencies as Property Eligible for Trust Holding

26 July 2023
in Latest News, News
Reading Time: 3 mins read
106 3
Home News Latest News

In a groundbreaking ruling on July 25, 2023, Judge Philip Jeyaretnam of the High Court of Singapore declared that cryptocurrencies are legally considered a form of property that can be held in trust. The ruling came in response to a case brought by ByBit against its former employee, Ho Kai Xin.

ByBit accused Kai Xin of transferring approximately 4.2 million USDT from the crypto exchange to her personal accounts. Following the legal proceedings, the court ordered Kai Xin, who had accused an absent cousin of managing the relevant accounts, to refund the entire amount to ByBit.

Judge Jeyaretnam categorized the stolen USDT and cryptocurrencies as property in his verdict. According to the Judge, there is no distinction between cryptocurrencies, fiat money, or even shells, as long as they possess value derived from collective trust, regardless of their physical nature.

To support his ruling, Judge Jeyaretnam referred to a public consultation paper published by the Monetary Authority of Singapore on July 3, 2023, which emphasized the practical feasibility of identifying and segregating digital assets.

Judge Jeyaretnam also likened the ever-changing nature of cryptocurrencies to a river’s flowing waters. He stated: 

“This physical manifestation at the level of digital bits and bytes is not permanent and changes with every transaction. Nonetheless, we identify what is going on as a particular digital token, somewhat like how we give a name to a river even though the water contained within its banks is constantly changing.“

Furthermore, the Judge categorized cryptocurrencies under “things in action,” a term in British common law that refers to a form of property where personal rights can be asserted or enforced through legal means rather than relying on physical possession.

“Value is not inherent in an object,” Judge Jeyaretnam added, highlighting that the worth of crypto assets lies in the trust vested in them by their users, despite skepticism about their value.

This landmark ruling has significant implications for the legal status of digital assets. Though it clarifies the legal treatment of cryptocurrencies in Singapore, it may have far-reaching ramifications for digital asset regulations in other jurisdictions worldwide.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

“Take control of your crypto portfolio with Markets PRO, DeFi Planet’s suite of analytics tools.

Don't miss out!

Subscribe To Our Newsletter

Receive top education news, lesson ideas, teaching tips and more!
Invalid email address
Give it a try. You can unsubscribe at any time.
Thanks for subscribing!
Tags: CryptoSingapore
Share64Tweet40Share11
Previous Post

Ripple’s Chief Legal Officer Dismisses SEC’s Appeal Concerns Following Landmark Decision

Next Post

Binance Withdraws Cryptocurrency License Application in Germany Amid Regulatory Challenges

Favour Udeo

Favour Udeo

Favour is a writer, who is interested in blockchain, DeFi, and Web3 in general. She finds machine learning and emerging technologies interesting.

Related Posts

source: news.bitcoin.com
Crypto

Kraken Unveils Institutional Platform With Credit and Broad Market Access

5 June 2025
source: egr.global
Crypto

Crypto.com Sues Nevada Gaming Regulator Over Sports Event Contract Ban

5 June 2025
source: cyberscoop.com
Crypto

US Authorities Seize 145 Domains, Crypto Tied to BidenCash Dark Web Marketplace

5 June 2025
source: ccn.com
News

Solo Miner Strikes Gold Amid Record Difficulty, Bags $330K Bitcoin Block Reward

5 June 2025

Featured Posts

The Hidden Dangers of Holding Crypto in Exchanges

The Hidden Dangers of Holding Crypto in Exchanges

byOlajumoke Oyalekeand1 others
27 May 2025
0

Should We Put a Price on Everything? The Ethics of Tokenizing Human Actions

Should We Put a Price on Everything? The Ethics of Tokenizing Human Actions

byFaari Labinjo
27 May 2025
0

The Most Influential Figures in Crypto History and Their Impact

The Most Influential Figures in Crypto History and Their Impact

byBobby Okposin
14 May 2025
0

Are Layer 2 Solutions Enhancing Ethereum—or Killing it?

byOlayinka Sodiqand1 others
6 January 2025
0

Beginner’s Guide To Earning Passive Income In Crypto | DeFi Planet

Simple Ways To Earn Passive Income From Your Crypto

byArjun Chandand1 others
1 September 2021
0

Read More

Chain of Thoughts

Are Stablecoins Bank Deposits?

Are Stablecoins Bank Deposits?

byOlu Omoyele
31 May 2025
0

...

DAOs and the Coordination of Human Endeavour

DAOs and The Coordination of Human Endeavour

byOlu Omoyele
27 April 2025
0

...

Should DeFi Be Regulated?

Should DeFi Be Regulated?

byOlu Omoyele
27 March 2025
0

...

Is Tokenization All That It’s Cracked Up To Be?

Is Tokenization All That It’s Cracked Up To Be?

byOlu Omoyele
26 February 2025
0

...

Markets Update

Your Weekend Crypto Roundup | May 2025 (Week 5)

5 days ago

Your Weekend Crypto Roundup | May 2025 (Week 4)

2 weeks ago

Your Weekend Crypto Roundup | May 2025 (Week 3)

3 weeks ago

Your Weekend Crypto Roundup | May 2025 (Week 2)

4 weeks ago

Your Weekend Crypto Roundup | May 2025 (Week 1)

1 month ago

Your Weekend Crypto Roundup | April 2025 (Week 4)

1 month ago
Read More

Events

Crypto Valley Conference
Crypto Valley Conference
5 Jun 25
Risch-Rotkreuz

Spotlight

All about Ethereum
All about Algorand
All about Bitcoin
All about Gora

Press Releases

Nibiru Launches ”Block Party” Aura Program to Reward Real DeFi Activity

bychainwire
5 June 2025
0

BYDFi and Ledger Launch Global Campaign with Limited BYDFi x Ledger Nano X

bychainwire
5 June 2025
0

$ZEUS Marking His Territory: Announcing An IP Collaboration with Original Zeus Artist and Trademark Holder

bychainwire
4 June 2025
0

Huma Joins the Global Dollar Network to Advance Stablecoin Adoption on Solana

bychainwire
4 June 2025
0

Zircuit Joins Binance Alpha: ZRC Airdrop & Trading Competition Go Live

bychainwire
3 June 2025
0

Read More

ADVERTISING

ABOUT

TEAM

CAREERS

CONTACT

TERMS & CONDITIONS

PRIVACY POLICY

© Copyright 2025 DeFi Planet

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Markets
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverses
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer

© Copyright 2024 DeFi Planet   |   Terms & Conditions   |   Privacy Policy

-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00