www.vdx.com<\/u><\/a>), a digital asset platform based in Hong Kong, “It is a positive development to see the Hong Kong courts recognise digital assets as property ‘capable of being held on trust\u2019, and echoes international decisions by courts in the UK, Australia and US which reached similar conclusions. Recognising cryptocurrencies as property in this way further cements Hong Kong\u2019s international reputation as a digital asset hub, and improves clarity on how liquidators should treat digital assets in winding up proceedings.\u201d<\/p>\n\n\n\nHowever, Simmons also noted that “while the court determined that digital assets are capable of forming the subject matter of a trust, it is important to note that this case found that a trust had not in fact been validly formed over the property, which highlights the benefits of client asset segregation available through regulated digital asset platforms and institutions.\u201d<\/p>\n\n\n\n
Hong Kong has been working to establish clearer regulations for the crypto sector. Investors around the world are keeping close eyes on the much anticipated release of the Virtual Asset Service Provider (VASP) license consultation findings on 1 June.<\/p>\n\n\n\n
About the author<\/strong><\/p>\n\n\n\nJoe Pan is an editor and producer at NFTmetta.com.<\/p>\n","protected":false},"excerpt":{"rendered":"
April 21, 2023 By Joe Pan On March 31, Hong Kong court set a precedent in a case involving the now-defunct crypto exchange Gatecoin, recognizing crypto as property “capable of […]<\/p>\n","protected":false},"author":1,"featured_media":3295,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/3291"}],"collection":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/comments?post=3291"}],"version-history":[{"count":2,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/3291\/revisions"}],"predecessor-version":[{"id":3310,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/posts\/3291\/revisions\/3310"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/media\/3295"}],"wp:attachment":[{"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/media?parent=3291"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/categories?post=3291"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nftmetta.com\/wp-json\/wp\/v2\/tags?post=3291"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}