Fun

News Feed - 2023-07-26 06:07:31

David Attlee14 hours agoSingapore High Court rules crypto personal property, compares it to fiat moneyThe judge didn’t see any difference between crypto, fiat money or shells as long as all those objects, physical or not, share value created by mutual faith in them.3869 Total views32 Total sharesListen to article 0:00NewsJoin us on social networksCryptocurrency is property capable of being held in trust, Judge Philip Jeyaretnam of the High Court of Singapore ruled on July 25. The judge said he didn’t see any difference between crypto, fiat money or shells as long as all those objects, physical or not, share value created by mutual faith in them. 


Jeyaretnam handed down his ruling in a case brought by Bybit against its former employee, Ho Kai Xin. Bybit claimed the staff member transferred around 4.2 million of Tether (USDT) from the crypto exchange to her private accounts. The court has now ordered Ho, who has accused a non-present cousin of controlling the relevant accounts, to return the money to Bybit.


While the decision may seem obvious, it contains some formulations important for the juridical status of digital assets. Jeyaretnam calls the stolen USDT, as well as cryptocurrencies in general, property. Even though they don’t have any physical presence, the judge said:“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.”


He rebukes the common suspicion of crypto not having any “real” value, reminding that value is “a judgment made by an aggregate of human minds.” Jeyaretnam also classifies crypto in the category of “things in action.” In British common law, that means a type of property over which personal rights could be claimed or enforced by legal action, not by taking physical possession.


Related:Singapore to require crypto firms to put user assets into trusts by year-end


In his decision, the judge cited the consultation paper by the Monetary Authority of Singapore (MAS) that will implement segregation and custody requirements for digital payment tokens. If it is possible in practice to identify and segregate such digital assets, it should be legally possible to hold them on trust, the judge stated.


The decision mentions Order 22 of Singapore’s Rules of Court 2021, which defines “movable property” to include “cash, debt, deposits of money, bonds, shares or other securities, membership in clubs or societies, and cryptocurrency or other digital currency.”


In May 2022, the High Court of Justice in London ruled that nonfungible tokens (NFT) represent “private property.” Experts called the decision a “great precedent” for people investing in NFTs who hoped that British courts would protect their property rights.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine:Experts want to give AI human ‘souls’ so they don’t kill us all# Singapore# Adoption# Court# Tether# RegulationAdd reactionAdd reactionRelated NewsWho invented NFTs?: A brief history of nonfungible tokens7 real-world IoT applications and examplesMiCA’s stablecoin transaction cap stifles crypto adoption, say lawyersCathie Wood bullish on Coinbase after Ripple court rulingUS law protects institutions and exposes retail investors — Rep. TorresWhat criminal charges for Celsius ex-CEO mean for crypto industry

News Feed

Tom Mitchelhill6 hours agoEthereum’s 8th birthday: Crypto industry shares its top momentsToday marks eight years since the Ethereum Foundation first announced the rollout of its network.3116 Total views39 Total sharesL
Derek Andersen6 hours agoCoinbase beefs up its global advisory council with 4 national security expertsCoinbase is getting wonky with prominent names in national security from both sides of the U.S. political divide. The
Elon Musk Says Tesla and Spacex See Significant Inflation Pressure — Confirms He Won’t Sell Crypto
Elon Musk Says Tesla and Spacex See Significant Inflation Pressure — Confirms He Won"t Sell Crypto Tesla and Spacex CEO Elon Musk has revealed that his two companies are seeing s
China Frozen Bank Account Controversy: Affected Clients Injured During Protests, Nearly $6 Billion Missing
China Frozen Bank Account Controversy: Affected Clients Injured During Protests, Nearly $6 Billion Missing Some Chinese bank clients, whose accounts were frozen in April, were inju
Solana Faces Defining Level At $120 – Will History Repeat?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Dogecoin (DOGE) open interest tops $1.4B — Is it time for memecoins to correct?
Marcel Pechman2 hours agoDogecoin (DOGE) open interest tops $1.4B — Is it time for memecoins to correct?DOGE rallied 95% in a week, but analysts signal that the bull run is only starting.2656 Total views32 Total shares
Nigerian Crypto and Web3 Startup Lazerpay Shuts Down After Failing to ‘Close a Successful Funding Round’
Nigerian Crypto and Web3 Startup Lazerpay Shuts Down After Failing to "Close a Successful Funding Round" The Nigerian crypto and Web3 startup Lazerpay announced on April 13 that it
Biggest Movers: LINK Nears 2-Week High, SOL Extends Recent Gains
Biggest Movers: LINK Nears 2-Week High, SOL Extends Recent Gains Chainlink rallied to a 12-day high earlier in today’s session, as the token neared the $7.00 level. The move come
Technical Indicators Suggest Bitcoin May Reach $120,000 In Q2, Says Standard Chartered
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
25% of US Adults Plan to Start Investing in Crypto, Survey Shows
25% of US Adults Plan to Start Investing in Crypto, Survey Shows A U.S. consumer survey shows that 25% of respondents who currently do not own cryptocurrency plan to start investin
Aave DAO Approves the Launch of a Collateral-Backed Stablecoin Called GHO
Aave DAO Approves the Launch of a Collateral-Backed Stablecoin Called GHO On Sunday, the non-custodial market protocol Aave announced that the Aave DAO has approved a new stablecoi
William Suberg22 hours agoBitcoin bulls keep pressure on $28K while calls for BTC price dip growBitcoin is being treated with suspicion on short timeframes, with repeated pushes into resistance met with rejection.3637 To