As per reports, a Hong Kong-based court has marked cryptocurrencies as “property” which can be used in trust for ruling Gatecoin, a defunctioning crypto exchange, stated Cointelegraph.
As reported by Cointelegraph, in relation to the ruling created by Hogan Lovells, a law firm, Linda Chan, a judge, commented that the crypto has property attributes. “Like other common law jurisdictions, our definition of ‘property’ is an inclusive one and intended to have a wide meaning,” Linda Chan added.
Sources revealed that Hogan Lovells thinks the new ruling might provide a better understanding of digital assets among the Hong-Kong users. Reportedly, the Hong Kong ruling added that the crypto includes properties equal to other digital assets like stocks, Cointelegraph highlighted.
Furthermore, this incident includes Gatecoin, a Hong Kong-based crypto platform that had gone through a hacking incident in 2016, losing about two million dollars in digital assets. It is expected that on March 2019, the exchange got a compulsory liquidation order from the Hong Kong court, Cointelegraph concluded.
(With insights from Cointelegraph)