Cryptoassets Are Property and Can Be the Subject of a Trust — But Can They Be Enforced Against?

11 Aug 2023 CaseWatch

In a recent landmark decision, the General Division of the High Court of Singapore (High Court) in ByBit Fintech Ltd v Ho Kai Xin and ors [2023] SGHC 199 (ByBit) held that cryptoassets are property such that a wrongdoer can be found to be holding cryptoassets on constructive trust for a claimant.

In this update, we examine the salient features of the High Court’s decision in ByBit, including developments in Singapore law leading up to the conclusions in ByBit, discuss the key types of trusts that can arise in respect of cryptoassets, and outline issues relating to enforcement of court orders concerning cryptoassets.

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