🚀 UK High Court Rules Tether (USDT) As Property
#UK #HighCourt #Tether #USDT #cryptocurrency #property #fraud #digitalassets #legalstatus #lawcommission
According to Odaily, the UK High Court has ruled that the stablecoin Tether (USDT) is considered property under British law. This landmark decision marks the first time the legal status of cryptocurrency has been determined following a comprehensive trial in the UK. The ruling emerged from a case involving a fraud victim whose stolen assets included USDT. Deputy Judge Richard Farnhill, in his September 12 decision, stated, 'Under UK law, USDT attracts property rights.' He further described USDT as 'a rather unique form of property that does not depend on underlying legal rights,' making it subject to tracking and capable of constituting trust property like other assets.
Judge Farnhill highlighted that 'strong authority' supports the classification of cryptocurrencies as property, referencing a 2019 decision by the same court, which was not made during a trial. This aligns with the stance of the Law Commission of England and Wales, which identified digital assets as property in its 2023 report on digital assets.#UK #HighCourt #Tether #USDT #cryptocurrency #property #fraud #digitalassets #legalstatus #lawcommission
🚀 Russian Supreme Court Seeks To Classify Cryptocurrency As Property In Criminal Cases
#RussianSupremeCourt #Cryptocurrency #Property #CriminalCases #DigitalAssets #LawEnforcement #CryptoCrimes #MoneyLaundering #LegalFramework #Russia
According to PANews, the Russian Supreme Court is advocating for the classification of cryptocurrencies as property in criminal cases. This initiative aims to enhance law enforcement's ability to track, freeze, and confiscate illegal digital assets. The court is involved in drafting legislation to recognize digital currencies as property in criminal proceedings, thereby strengthening the handling of crypto-related crimes.
This is not the first time the Russian Supreme Court has addressed cryptocurrency issues in legal proceedings. In 2019, the court ruled that converting Bitcoin into rubles constitutes money laundering if the digital currency was obtained through illegal activities, particularly in drug-related cases. This decision indicated that cryptocurrencies could fall under existing anti-money laundering laws.
Furthermore, in 2021, the court recognized the electronic currency WMZ, used in the Webmoney Transfer system, as a legal civil rights object. This set a precedent for the legal treatment of digital assets in Russia. These earlier rulings demonstrate the Supreme Court's efforts to integrate cryptocurrencies into the country's judicial framework.#RussianSupremeCourt #Cryptocurrency #Property #CriminalCases #DigitalAssets #LawEnforcement #CryptoCrimes #MoneyLaundering #LegalFramework #Russia
🚀 Dubai Launches Real Estate Tokenization Project with Blockchain Technology
#Dubai #RealEstate #Tokenization #Blockchain #VARA #XRP #Investment #MiddleEast #Property #FutureFoundation #RealEstate2033 #CtrlAlt
According to PANews, the Dubai Land Department (DLD) has announced a collaboration with the tokenization platform Ctrl Alt to launch a real estate tokenization project. This initiative is supported by the Dubai Virtual Assets Regulatory Authority (VARA) and the Dubai Future Foundation. The project utilizes XRP Ledger blockchain technology and the PRYPCO Mint platform to tokenize property titles, with a minimum investment threshold set at 2,000 dirhams (approximately $545). This marks the first government-led real estate blockchain tokenization project in the Middle East.
The project is part of Dubai's 'Real Estate 2033 Strategy,' which aims to establish a tokenized real estate market valued at 60 billion dirhams by 2033. Ctrl Alt, serving as the technology provider, has already tokenized assets worth $295 million and holds brokerage and issuer licenses issued by VARA.#Dubai #RealEstate #Tokenization #Blockchain #VARA #XRP #Investment #MiddleEast #Property #FutureFoundation #RealEstate2033 #CtrlAlt
🚀 Indian Court Recognizes XRP as Property Under Criminal Law
#India #XRP #cryptocurrency #legalrecognition #MadrasHighCourt #property #criminallaw #crypto #legalstatus
According to Odaily, the Madras High Court in India has legally recognized XRP as property, granting it protection under criminal law. This decision marks a significant development in the legal status of cryptocurrencies within the country.#India #XRP #cryptocurrency #legalrecognition #MadrasHighCourt #property #criminallaw #crypto #legalstatus
🚀 Russian Law Establishes Procedures for Cryptocurrency Seizure in Criminal Cases
#Russia #cryptocurrency #seizure #criminalcases #law #StateDuma #digitalcurrency #property #assetconfiscation #government #overseasexchanges #FederationCouncil #ConstitutionalCourt
Russia's State Duma has passed a law in its third and final reading that outlines the procedures for the seizure and freezing of cryptocurrencies in criminal cases. According to ChainCatcher, the legislation confirms the legal status of cryptocurrencies as property and mandates detailed documentation of asset types, quantities, and wallet addresses during confiscation. The law permits the transfer of seized cryptocurrencies to designated state wallets and authorizes government agencies to collaborate with overseas exchanges to enforce seizure measures. The bill requires approval from the Federation Council and the President's signature before it becomes effective 10 days after official publication.
Previously, the Russian Constitutional Court allowed citizens to protect their digital currency rights in court, even if they had not declared them to tax authorities.#Russia #cryptocurrency #seizure #criminalcases #law #StateDuma #digitalcurrency #property #assetconfiscation #government #overseasexchanges #FederationCouncil #ConstitutionalCourt