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Hong Kong Court Recognizes Crypto as Property

Hong Kong's High Court has ruled that cryptocurrency is property, marking the first such decision regarding digital assets in the city-state. The ruling was made in a legal matter involving defunct crypto exchange Gatecoin, with the court determining that crypto has all the qualities of property and can be held on trust. The decision aligns Hong Kong with other common law jurisdictions and comes as the city-state seeks to revive its image as a digital assets hub. The US Internal Revenue Service also considers crypto to be property, although other regulatory agencies classify it differently.

(By SEBASTIAN SINCLAIR)

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