A Hong Kong court has described cryptocurrencies as “property” in a lawsuit related to cryptocurrency exchange Gatecoin announcing its liquidation.
The Hong Kong court was closed in 2019 and work was started for its liquidation. Gatecoin in a case involving the stock market defined cryptocurrencies as property. Presiding Judge Linda Chan, In accordance with the general law jurisdiction of Hong Kong “property” While stating that cryptocurrencies are included in the concept of cryptocurrencies,assets that can be held securely” he stated.
Although crypto assets are generally defined as property in the court decision, commodity or securities No details on classification were given. According to the experts who interpreted the case, the concept of property here includes a general value such as cars, houses and other asset classes.
Law firm mediating the case Hogan LovellsThe decision gave Hong Kong liquidators how crypto assets held by companies should be handled in liquidation procedures. “more clarity” he deduced that he would. In the case file, the stock market was declared in October 2022. 140 million Hong Kong dollars (approximately $17.8 million) is stated to hold excess crypto. The liquidation process is still ongoing.
According to experts, this decision by the court is a sign for the legal processes of crypto money companies in the future, as the law firm stated. may act as a precedent and in shaping possible regulations positive effect can create. Hong Kong especially since the beginning of 2023 Chinese With the support of the government, it has a positive approach towards the crypto money industry and stands out as the new favorite of investors.
On the other hand, the Singapore court recently Tree Arrow Capital (3AC) made shocking analogies about cryptocurrencies in a lawsuit filed by creditors and they are not real money had suggested. At this point, while the global uncertainty continues, the extreme decisions of different states continue to worry the leading actors of the market.