Key Takeaways:
- England’s High Court of Justice recognizes Tether’s USDT stablecoin as property, enabling it to be treated as trust property.
- The case stems from a cryptocurrency scam, marking an important step in legally recognizing digital assets.
- UK legislation is moving toward formal classification of cryptocurrencies as property, creating a clearer legal framework.
In a landmark ruling, England’s High Court of Justice has officially recognized Tether’s USDT stablecoin as property under English law, allowing it to be traced and treated as trust property like other assets.
This decision follows the UK government’s recent move to clarify the legal classification of cryptocurrencies.
JUST IN:🏛️ The High Court in England and Wales ruled that @Tether_to's $USDT stablecoin is considered property under English law, giving it similar rights to other assets.
— Satoshi Club (@esatoshiclub) September 13, 2024
The case, initiated by Fabrizio D’Aloia, involved a cryptocurrency scam in which he was allegedly tricked into transferring £2.5 million in USDT and USDC.
The funds were routed through various wallets and converted to fiat currency via platforms like Bitkub.
While D’Aloia’s claim against Bitkub was dismissed, the ruling signifies an important step in recognizing digital assets as property.
The UK government has also introduced a bill to formally classify cryptocurrencies as property, although they are neither physical objects nor legal claims like debt or shares.
This legislation aims to establish a clearer legal framework for handling crypto assets.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
His articles offer a deep dive into the latest trends, projects, and technological advancements shaping the future of digital finance.
Check Efe out on:
