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Several countries across the globe are grappling with the wave of cryptocurrencies and trying to find how exactly to categorize them and ways to regulate them. Staying on the fast track, Singapore’s High Court has declared cryptocurrency as a viable property in a judgment that set the crypto world in an ecstatic mood.
The court equally granted proprietary judgment against an unknown individual who was suspected of crypto theft. The alleged stolen crypto assets include some Bitcoin and Ethereum said to be worth approximately $7 million.
What the Court Said
The issue started as far back as January 2021 when the victim of the alleged theft was said to have given access to his to an acquaintance of his. According to the victim, that safe happened to contain passwords and other recovery information of his digital wallets. The victim then realized the following day that digital assets worth about $7 million had been stolen from all his wallets.
According to Lexology, the defendant was in possession of Bitcoin and Ethereum believed to have been stolen in two crypto wallets that were password protected. The court has thus instructed the crypto exchanges involved to provide necessary materials to aid the investigation process and to track the assets stolen. Furthermore, the judge gave an order for the freezing of the unknown defendant’s assets globally.
What this Court Order Implies
The crypto world welcomed the decision of the court with all gladness seeing a court in Southeast Asia ready to recognize cryptocurrencies as properties and ready to protect them. It does not just stop at that. The court is said to be ready to give injunctions on properties against thefts of digital assets even though the offender’s identity is not known.
Observers said that the court’s decision shows that the general legal system is prepared to disclose orders standing against crypto exchanges that operate in Singapore.
Nevertheless, the court’s ruling equally enables the victim of crypto theft to gain access to critical information in order for law enforcement to trace and freeze the stolen assets.
According to the analysis, crypto exchanges that are based within or operate in Singapore could be served with orders of disclosure that are issued by the court. They will be obliged to comply with the orders to disclose the needed set information related to any user’s account or an order to freeze assets held by a particular user.
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