Singapore High Court: Cryptocurrency Equated with Fiat Money
In a pivotal ruling on July 25, Judge Philip Jeyaretnam of the Singapore High Court declared cryptocurrency as personal property, placing it on par with fiat money. Judge Jeyaretnam’s elucidation is notable for the legal status of digital assets. It was stemmed from a case where ByBit accused its former employee, Ho Kai Xin, of illicitly transferring approximately 4.2 million USDT from the company’s coffers to personal accounts. The court mandated Ho to return the funds to cryptocurrency exchange.
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In a pivotal ruling on July 25, Judge Philip Jeyaretnam of the Singapore High Court declared cryptocurrency as personal property, placing it on par with fiat money. Judge Jeyaretnam's elucidation is notable for the legal status of digital assets.
It was stemmed from a case where ByBit accused its former employee, Ho Kai Xin, of illicitly transferring approximately 4.2 million USDT from the company's coffers to personal accounts.
The court mandated Ho to return the funds to cryptocurrency exchange.
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