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USDT Recognized as Property Under English Law: High Court Ruling Marks Milestone for Cryptocurrency Asset Recovery
The post USDT Recognized as Property Under English Law: High Court Ruling Marks Milestone for Cryptocurrency Asset Recovery appeared on BitcoinEthereumNews.com. The High Court of Justice, Business and Property Courts of England and Wales, recently issued an essential ruling concerning the status of cryptocurrencies under English law. This case clarifies that digital assets like USDT (tether) are recognized as property, having significant implications for fraud and asset recovery cases. Judge’s ruling: “USDT attract property rights under English law. It is neither a chose in action nor a chose in possession but a distinct form of property not premised on an underlying legal right.” A significant legal precedent has been set in recognizing cryptocurrencies as a form of property under English law, providing clarity for future disputes and asset recovery proceedings. Legal Recognition of Cryptocurrencies as Property The ruling from the High Court of Justice on Sept. 12 is a landmark development. It categorically states that digital currencies such as USDT (tether) are to be considered as property under the purview of English law. This verdict emerged from a case where Fabrizio D’Aloia alleged a loss of over £2.5 million ($3.3 million) in various cryptocurrencies through fraudulent schemes involving multiple blockchain wallets. The Basis for Crypto Property Rights The court’s decision underscores that cryptocurrencies, despite lacking traditional legal rights or physical possession, will be treated as property. This recognition means digital assets are now subject to property rights, allowing them to be traced, transferred, and held in trust similarly to other tangible and intangible assets. The ruling encapsulates the distinct nature of cryptocurrencies, emphasising their classification as a unique form of property. Implications for Fraud and Asset Recovery This judgment sets a significant precedent for future cases involving cryptocurrency-related fraud and the recovery of digital assets. It reaffirms that cryptocurrencies can be treated similarly to traditional assets when tracing property affected by theft or misappropriation. However, the case also highlighted a crucial…
The post USDT Recognized as Property Under English Law: High Court Ruling Marks Milestone for Cryptocurrency Asset Recovery appeared on BitcoinEthereumNews.com.
The High Court of Justice, Business and Property Courts of England and Wales, recently issued an essential ruling concerning the status of cryptocurrencies under English law. This case clarifies that digital assets like USDT (tether) are recognized as property, having significant implications for fraud and asset recovery cases. Judge’s ruling: “USDT attract property rights under English law. It is neither a chose in action nor a chose in possession but a distinct form of property not premised on an underlying legal right.” A significant legal precedent has been set in recognizing cryptocurrencies as a form of property under English law, providing clarity for future disputes and asset recovery proceedings. Legal Recognition of Cryptocurrencies as Property The ruling from the High Court of Justice on Sept. 12 is a landmark development. It categorically states that digital currencies such as USDT (tether) are to be considered as property under the purview of English law. This verdict emerged from a case where Fabrizio D’Aloia alleged a loss of over £2.5 million ($3.3 million) in various cryptocurrencies through fraudulent schemes involving multiple blockchain wallets. The Basis for Crypto Property Rights The court’s decision underscores that cryptocurrencies, despite lacking traditional legal rights or physical possession, will be treated as property. This recognition means digital assets are now subject to property rights, allowing them to be traced, transferred, and held in trust similarly to other tangible and intangible assets. The ruling encapsulates the distinct nature of cryptocurrencies, emphasising their classification as a unique form of property. Implications for Fraud and Asset Recovery This judgment sets a significant precedent for future cases involving cryptocurrency-related fraud and the recovery of digital assets. It reaffirms that cryptocurrencies can be treated similarly to traditional assets when tracing property affected by theft or misappropriation. However, the case also highlighted a crucial…
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