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Hong Kong Court Declares Crypto as Property in Case Involving Defunct Gatecoin

A Hong Kong court has recognized crypto as property "capable of being held on trust" in a case involving closed crypto exchange Gatecoin, global law firm Hogan Lovells reported on Wednesday. Justice Linda Chan, who managed the case, reportedly said Hong Kong, in line with other common law jurisdictions, defines "property" broadly as "intended to have a wide meaning". There have been similar regulations in Mainland China, while the US Internal Revenue Service treats crypto as property for tax. A government-funded law commission in the UK found crypto can be classified as a new type of property.


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