Hong Kong High Court recognizes cryptocurrency as property for the first time

Hong Kong High Court declared cryptocurrency as property by declaring it as property. Gatecoin Limited, a cryptocurrency exchange platform operating in Hong Kong, was involved in a legal matter that resulted in a ruling being handed down. Hong Kong authorities had ordered

Highlights

• Hong Kong High Court declared cryptocurrency as property in landmark ruling.
• Ruling is the first time the city has officially recognized digital currencies as a type of property.
• Hong Kong has taken the lead in improving regulations for digital assets and exchanges within the city.
• Similar rulings have been made in Mainland China recently, while the U.S.
• Internal Revenue Service (IRS) treats cryptocurrencies as property for tax purposes.
• The ruling by the High Court is expected to have significant implications for the treatment of cryptocurrencies in Hong Kong.

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