The Singapore High Court rules that Crypto Assets are “things in action” capable of being held on trust: ByBit Fintech Ltd v Ho Kai Xin and others [2023] SGHC 199
August 17, 2023
The Singapore Courts have issued yet another landmark decision on the nature of crypto assets. In ByBit Fintech Ltd v Ho Kai Xin and others [2023] SGHC 199, the High Court was presented with the issue of whether crypto assets are property capable of being held on trust, and if so, what type of property they are. These issues arose as the Plaintiff in that case was seeking a declaration that cryptocurrency payments (which were wrongfully transferred out of its accounts by the Defendant, a former employee) were held on constructive trust.