Gatecoin Liquidation Case Results in Hong Kong Judge Classifying Crypto Assets as Property
A judge in Hong Kong has ruled that cryptocurrencies are officially “property” that can be “held on trust.” This ruling came about during a court case linked to the Gatecoin crypto exchange liquidation from 2019. It clears up any confusion about whether crypto assets should be considered a type of property and provides clarity to regulators and insolvency practitioners in Hong Kong and other common law jurisdictions.
This decision brings Hong Kong in line with other countries that have already ruled virtual currencies as property, like China. The US is currently debating whether certain crypto assets should be considered securities or commodities. Overall, this ruling confirms that cryptocurrencies are on par with other intangible assets such as stocks and shares.
Clever Robot News Desk 21th April 2023