Singapore: Issued ruling in lawsuit on crypto assets being enforceable in court as property (ByBit Ltd v Ho Kai Xin & Ors)

On 25 July 2023, the High Court of Singapore issued its ruling on the case ByBit Ltd v Ho Kai Xin & Ors [2023] SGHC 199, recognising crypto assets as legally enforceable property rights. The defendant, an employee of ByBit, was accused of secretly transferring to their own bank accounts stablecoins issued by Tether (USDT). The Court determined that USDT is classified as property capable of being held on trust, which is recognised under common law as a "thing in action". Consequently, for the first time, the Court found that crypto assets are enforceable in court.