In a significant ruling, the Singapore Supreme Court recognized USDT as a form of property in the Bybit case.
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In a groundbreaking decision, the Singapore Supreme Court officially recognized USDT as a form of fiduciary property.
Singapore Court Recognizes USDT as Property
The landmark case involved Seychelles-based exchange Bybit and Ho Kai Xin, a former contractor whose actions are at the center of the legal dispute.
Bybit filed a lawsuit against Ho Kai Xin, a former contractor, accusing him of breaching his employment contract by transferring 4.2 million USDT to addresses under the exchange’s control.
Judge Philip Jeyaretnam presided over the case and asserted that USDT, like any other asset, can be held on a fiduciary basis. This groundbreaking decision signifies that crypto assets hold enforceable value and can be subject to court orders.
The judge cited the Monetary Authority of Singapore’s public consultation response from July 3, 2023, which reinforces the notion that digital assets can be identified and separated, making them eligible for trust status.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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