UK High Court Declares Tether a Legal Property

CoinGrab Asia William Lee CoinGrab Asia William
September 13, 2024
14 Views

The recent ruling by the UK High Court, which recognized as property, marks a significant legal milestone within the realm of cryptocurrency under British law. This judicial decision follows closely on the heels of newly enacted legislation by the UK government, which classifies digital currencies like USDT as “personal property” under property law.

This case emerged from a fraud investigation where the plaintiff, a victim of cryptocurrency theft, had their digital assets, including Tether, stolen and subsequently laundered through crypto mixers and traded across various exchanges. The presiding Deputy High Court Judge, Richard Farnhill, on September 12, affirmed the property status of USDT under English law, describing it as a “distinctly unique form of property that does not rely on underlying legal rights.” He highlighted its capability to be tracked and treated as trust property like any other form of asset. This decision is supported by a strong authoritative stance from a 2019 court judgment that had not yet gone to trial, consistently recognizing cryptocurrencies as property in accordance with the laws of England and Wales.

Code: 5yn5

Bitget

4.8/5
  • Total Signed up users: 800w+
  • Coins supported: 500+
  • Business coverage area: 100+
Join Bitget to get 6200 USDT newcomer’s gift package!
Join Now
Review
Copy traders: 110000+ : Over 57 million trading pairs
author avatar
CoinGrab Asia William Editor
William, originally carving out a career in Singapore's structured finance sector, made a pivotal shift to follow his passion for the dynamic and often turbulent world of cryptocurrency and financial markets. Now a distinguished cryptocurrency journalist and market analyst, William has authored over 800 insightful articles, making a significant mark in the crypto journalism field.Driven by a keen interest in the underlying mechanisms of the crypto world, William specializes in on-chain analysis, which involves examining transactions recorded on blockchains to gauge market trends and sentiments. His expertise also extends to dissecting events that trigger substantial market movements, providing his readers and followers with a deeper understanding of what drives fluctuations in cryptocurrency values.William’s contributions to the crypto community go beyond mere reporting. He regularly publishes opinion pieces that offer thoughtful perspectives on the latest developments and trends shaping the cryptocurrency landscape. His work not only informs but also enriches the dialogue within the crypto space, offering both novices and seasoned investors valuable insights into the complexities of market dynamics.
See Full Bio
CoinGrab Asia William Lee
Author CoinGrab Asia William

William, originally carving out a career in Singapore's structured finance sector, made a pivotal shift to follow his passion for the dynamic and often turbulent world of cryptocurrency and financial markets. Now a distinguished cryptocurrency journalist and market analyst, William has authored over 800 insightful articles, making a significant mark in the crypto journalism field.Driven by a keen interest in the underlying mechanisms of the crypto world, William specializes in on-chain analysis, which involves examining transactions recorded on blockchains to gauge market trends and sentiments. His expertise also extends to dissecting events that trigger substantial market movements, providing his readers and followers with a deeper understanding of what drives fluctuations in cryptocurrency values.William’s contributions to the crypto community go beyond mere reporting. He regularly publishes opinion pieces that offer thoughtful perspectives on the latest developments and trends shaping the cryptocurrency landscape. His work not only informs but also enriches the dialogue within the crypto space, offering both novices and seasoned investors valuable insights into the complexities of market dynamics.

Related Posts