Singapore сourt defines crypto as property in Bybit case
In a Bybit lawsuit against its contractor, Singapore’s High Court recognized crypto assets as property capable of being held in trust. Bybit accused its employee, Ho Kai Xin, of breaching her contract. The company claims she transferred over 4.2 million USDT to addresses she secretly owned. Additionally, she allegedly transferred fiat currency to her personal bank account. Judge Philip Jeyaretnam, presiding over the case in Singapore, stated that USDT could be held on trust like any other property . You might also like: Bybit expands to Cyprus with a newly granted license The judge cited a public consultation response by the Monetary Authority of Singapore (MAS). It affirmed the possibility of identifying and segregating digital assets, including holding them in a trust. Jeyaretnam further emphasized that a crypto asset holder has an incorporeal property right, recognized by common law as a thing in action and enforceable in court. The Judge also cited a con...