According to reports, the Hong Kong High Court has recognized cryptocurrency as property in relation to determining the ownership of cryptocurrency in trust with Gatecoin, a cryptocurrency exchange that went bankrupt after it ceased operations in Hong Kong.
Regarding the creditors’ funds held in the cryptocurrency exchange, the judge in charge said, “In essence, Cryptocurrency has all the characteristics of property.”
Regarding this, Hogan Rubles, a law firm in Hong Kong, explained that the ruling “can be considered to mean that cryptocurrency is legally reliable.”
The law firm added, “It is confirmation that holding digital currency is ‘property’ like other intangible assets such as stocks.”
In the United States, the Federal Internal Revenue Service considers cryptocurrencies to be assets. However, the Securities and Exchange Commission (SEC) basically holds that cryptocurrencies are securities.
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