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Singapore High Court Recognizes Cryptocurrency as Personal PropertyIn a significant ruling on July 25, Judge Philip Jeyaretnam of the High Court of Singapore declared that cryptocurrency is capable of being held in trust and should be recognized as property.The judge’s decision came in response to a case brought by Dubai-headquartered crypto exchange Bybit against its former employee, Ho Kai Xin, who was accused of transferring approximately 4.2 million Tether (USDT) from the crypto exchange to her private accounts without authorization.Photo by Tingey Injury Law Firm on UnsplashNo fundamental differenceIn his ruling, Judge Jeyaretnam emphasized that there is no fundamental difference between cryptocurrencies, fiat money, or even physical objects like shells when it comes to their status as property. He argued that as long as these objects hold value and are based on mutual faith, they can be considered property. The judge’s verdict is seen as a crucial step in establishing the legal status of digital assets within the Singaporean jurisdiction.Addressing the argument that cryptocurrencies lack physical presence and therefore cannot be considered property, Judge Jeyaretnam drew an analogy, stating: “We identify what is going on as a particular digital token, somewhat like how we give a name to a river even though the water contained within its banks is constantly changing.” By equating cryptocurrencies to named entities, the judge made it clear that physical tangibility is not a prerequisite for something to be classified as property.Cryptocurrencies have valueFurthermore, the ruling challenges the perception that cryptocurrencies have no “real” value. Judge Jeyaretnam firmly refuted this notion, highlighting that the value of any asset, whether physical or digital, is ultimately determined by collective human belief and judgment.One critical classification made by the judge is grouping cryptocurrencies under the category of “things in action” within British common law. This categorization means that cryptocurrencies are considered a form of property, over which personal rights can be claimed and enforced through legal actions, rather than requiring physical possession.The judge’s decision also referenced the Monetary Authority of Singapore’s (MAS) consultation paper, which proposes implementing segregation and custody requirements for digital payment tokens. By taking cues from the MAS’s stance on digital assets, the court emphasized the legality of holding cryptocurrencies on trust, as long as practical methods for identification and segregation are in place.Cues taken from existing lawSingapore’s legal framework for property also played a crucial role in the ruling. Judge Jeyaretnam pointed to Order 22 of Singapore’s Rules of Court 2021, which defines “movable property” to include various assets, such as cash, debts, bonds, shares, and cryptocurrency or other digital currency. This inclusion reinforces the recognition of cryptocurrencies as a valid form of property within Singaporean law.In April of this year, a Hong Kong court reached a similar conclusion, recognizing cryptocurrency as property. In the High Court of Justice in London the following month, non-fungible tokens (NFTs) were recognized as “private property.”Overall, Judge Jeyaretnam’s ruling represents a significant milestone in the legal recognition of cryptocurrencies in Singapore. By acknowledging cryptocurrencies as property, the court provides greater clarity and certainty for crypto users and investors while affirming the importance of embracing digital assets within the nation’s legal framework.

South Korean Banks Adopt Blockchain for Streamlined Civil Servant LoansSouth Korea’s state-run financial organizations and banks are embracing blockchain technology to streamline the loan process for government employees and enhance loan management for banks.Photo by Shubham Dhage on UnsplashBlockchain-aided loan servicesIn a collaboration announced today at the Korea Federation of Banks (KFB) in Seoul, the Korea Financial Telecommunications and Clearings Institute (KFTC), the Government Employees Pension Service (GEPS), and four local banks are coming together to introduce blockchain technology in providing loan services specifically tailored for civil servants. The four participating banks are NongHyup Bank, Hana Bank, DGB Daegu Bank, and Gwangju Bank.Easier applicationAt present, civil servants are required to acquire a physical loan recommendation letter from the GEPS in order to apply for a bank loan. However, with the implementation of the new loan system, the GEPS will have the capability to issue blockchain-based letters, which can be obtained by civil servants either in-person or remotely at banks. This innovative approach will significantly simplify the verification process for these letters.Easier managementFurthermore, the manual exchange of loan-related information, such as repayment history and retirement details, between banks and the GEPS will be replaced by a more efficient system. The KFTC will take on the role of mediator, ensuring that any changes to this information are immediately reflected in real time. This streamlined approach will significantly enhance loan management for lenders.The launch of this service is scheduled for November this year, bringing about improved accessibility to loans for government employees. As the project progresses, other financial institutions are expected to join in, further enhancing the convenience of public servants. Additionally, these collaborating organizations will explore joint services aimed at providing the necessary support to stabilize the livelihoods of civil servants.

The market capitalization of South Korea's cryptocurrency market stood at 87.2 trillion won ($57.4 billion) at the end of last year, marking an 8% decline from 95.1 trillion won ($62.6 billion) at the end of June 2025.  A survey released on March 25 by the Financial Intelligence Unit (FIU) and the Financial Supervisory Service (FSS), covering 27 virtual asset service providers, found that the number of listed crypto assets in Korea rose to 712 at year-end—up 9% (59 assets) from 653 in June.Photo by Daniel Bernard on UnsplashTrading activity declines, listings increaseAverage daily trading volume on won-denominated crypto exchanges fell 15% to 5.4 trillion won ($3.6 billion), from 6.4 trillion won in the first half of 2025. New listings rose 10% to 227, while delistings jumped 50% to 54, including cases where the same coin was delisted from multiple platforms. The average transaction fee rate stood at 0.16%. Operating profit at the exchanges fell 38% to 395.8 billion won ($261 million), down from 635.2 billion won ($418 million) in the first half. Data on retail investors show that men in their 30s remain the largest group of crypto users in South Korea, with 2 million accounts. Overall, 74.2% of the country’s 11.13 million accounts—equivalent to 8.26 million users—held less than 1 million won (about $660) in digital assets. Only 10% (1.12 million accounts) held 10 million won ($6,600) or more, while just 1.5% (170,000 accounts) held over 100 million won ($65,800). By age group, users in their 30s and 40s each accounted for 27%. They were followed by those in their 50s (19%), under-30s (19%), and users aged 60 and older (9%). Survey shows investors remain waryRecent survey data points to cautious sentiment among retail investors. In a weekly survey of Korean investors conducted last week by CoinNess and Cratos, 36.9% of respondents reported “fear” or “extreme fear,” compared with 30.8% who were neutral and 32.3% who were optimistic. Despite the overall caution, short-term sentiment turned slightly more optimistic. The survey found that 38.3% of respondents expect Bitcoin to rise this week, up from 35.6% the previous week. Those expecting prices to move sideways accounted for 22.5% (down from 23.1%), while 39.2% expect a decline (down from 41.3%). With macroeconomic uncertainty rising and speculation growing over a possible April rate hike by the Federal Reserve, respondents were split on how monetary policy would affect digital assets. When asked about the Fed’s rate outlook for the year, the largest share (30.3%) said Bitcoin would rise regardless of interest rates. Another 26.5% expected rates to remain unchanged, 19.9% expected a cut, and 12.4% a hike. The remaining 10.9% said Bitcoin would fall regardless of rate decisions.