TechFlow reported on September 13 that, according to Cointelegraph, the UK High Court has issued a landmark ruling in a cryptocurrency fraud case, recognizing the stablecoin USDT as property. Deputy Judge Richard Farnhill stated, "USDT is recognized as property under UK law," emphasizing that it can be traced as trust property.
This marks the first time the UK legal system has clearly affirmed the legal status of cryptocurrencies following a full trial. The ruling aligns with the position set forth in the 2023 Digital Assets Report by the Law Commission of England and Wales, further solidifying the legal standing of cryptocurrencies as property. This decision comes just as the UK government proposes legislation to formally define crypto assets such as NFTs and RWAs as a new category of property. Previous report, the UK government submitted a bill to Parliament on September 11 aiming to formally recognize crypto assets, including NFTs and RWAs, as property.
