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 shuttered crypto exchange Gatecoin, according to a court document reviewed by CoinDesk.

Global law firm Hogan Lovells first reported on the judgment on Wednesday.

In 2019, Hong Kong-based crypto exchange Gatecoin announced it will shut down and start liquidation following an attempt to recover disputed funds from a former payment services provider.

Read more: CoinDesk