Hong Kong court recognizes crypto as property in Gatecoin case

2023-4-19 17:11

The Hong Kong legal and justice system has made a landmark ruling by recognizing cryptocurrency as property that can be “held on trust.”

The decision was reached in a lawsuit involving the now-defunct crypto exchange Gatecoin.

According to the law firm Hogan Lovells — which reported the case on April 18 —  Justice Linda Chan presided over the case and declared that Hong Kong defines “property”  broadly, with a wide meaning that encompasses cryptocurrencies.

The ruling is in line with similar decisions made in mainland China and the U.K. The U.S. Internal Revenue Service (IRS) also treats cryptocurrencies as property for tax purposes.

In the U.K., a government-funded law commission found that cryptocurrency can be classified as a new type of property under existing laws in England and Wales.

Gatecoin case sets

Gatecoin announced its shutdown and liquidation in 2019 following an attempt to recover disputed funds from a former payment services provider.

Liquidators sought directions from the court on whether the crypto held by Gatecoin should be treated as property held on trust or if it should be made available to the general body of creditors, according to the Hogan Lovells report. The exchange held crypto valued at more than $17.8 million in October 2022.

Although the court acknowledged that cryptocurrencies could be held in trust, it ultimately determined that a trust had not been established in the Gatecoin case.

The post Hong Kong court recognizes crypto as property in Gatecoin case appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0095806 (-100%)

gatecoin hong kong property crypto trust held

gatecoin hong → Результатов: 16


Фото:

Liquidators put the final nail in Gatecoin’s coffin

One of the first regulated cryptocurrency exchanges, Gatecoin, has officially been taken over by liquidators following a series of hacks and banking problems. In a document sent to creditors of the exchange late last week, the liquidators state that “all powers of the directors of Gatecoin have ceased and the directors no longer have any authority to deal with the assets and/or undertakings of Gatecoin.

2019-4-1 11:45


Gatecoin begins liquidation process; directors’ power soon to cease following liquidators’ appointment

The Hong Kong-based crypto exchange, Gatecoin, initiated liquidation process and will soon cease powers of its directors, according to a document obtained by The Block. According to the document drafted by Hong Kong-based law firm Borrelli Walsh, two representatives from the law firm were appointed as liquidators for the entire process by the High Court of Hong Kong Special […] The post Gatecoin begins liquidation process; directors’ power soon to cease following liquidators’ appointment appeared first on AMBCrypto.

2019-3-30 23:30


Gatecoin Cryptocurrency Exchange Calls It Quits After Six Years And $2 Million Hack

Gatecoin Cryptocurrency Exchange Calls It Quits After Six Years. Gatecoin, a Hong Kong-based cryptocurrency exchanged founded in 2013 by Aurelien Menant, a former investment banking expert, has announced it is now bankrupt and would end operations with immediate effect, according to a statement by the firm on March 14, 2019. End Of The Road For […]

2019-3-15 23:22