In a recent landmark decision, the General Division of the High Court of Singapore (High Court) in ByBit Fintech Ltd v Ho Kai Xin and ors [2023] SGHC 199 (ByBit) held that cryptoassets are property such that a wrongdoer can be found to be holding cryptoassets on constructive trust for a claimant.
In this update, we examine the salient features of the High Court’s decision in ByBit, including developments in Singapore law leading up to the conclusions in ByBit, discuss the key types of trusts that can arise in respect of cryptoassets, and outline issues relating to enforcement of court orders concerning cryptoassets.
If you would like information and/or assistance on the above or any other area of law, you may wish to contact the Partner at WongPartnership whom you normally work with or any of the following Partners:
Wendy LIN
Deputy Head – Commercial & Corporate Disputes
d +65 6416 8181
e wendy.lin@wongpartnership.com
Click here to view Wendy's CV.
Daniel LIU
Partner – Restructuring & Insolvency
d +65 6416 2470
e zhaoxiang.liu@wongpartnership.com
Click here to view Daniel's CV.
LEOW Jiamin
Partner – Commercial & Corporate Disputes
d +65 6416 8136
e jiamin.leow@wongpartnership.com
Click here to view Jiamin's CV.
Monisha CHEONG
Partner – Commercial & Corporate Disputes
d +65 6416 6868
e monisha.cheong@wongpartnership.com
Click here to view Monisha's CV.