CryptoMediaClub
Saturday, July 5, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

UK High Court Declares Tether as Property in Ruling After New Regulations

13.09.2024
A A
0
123
VIEWS
ShareShare

The United Kingdom High Court has ruled that the stablecoin Tether (USDT) is legally recognized as property under English law.

The ruling marks the first full trial judgment in the UK on the legal status of cryptocurrency and comes shortly after the government introduced new legislation aimed at clarifying the legal status of cryptocurrencies.

The case involved a fraud victim whose stolen cryptocurrencies, including Tether, were transferred through various crypto exchanges after being laundered through crypto mixers.

USDT Attracts Property Rights, Court Rules

The court’s decision to classify Tether as property was part of a preliminary issue in the lawsuit brought by the victim.

In the ruling delivered on September 12, Deputy Judge Richard Farnhill of the High Court of Justice stated that “USDT attracts property rights under English law.”

He further elaborated that Tether is “a distinct form of property not premised on an underlying legal right” and is subject to tracing and trust claims, similar to other types of property.

The judge also referred to a 2019 judgment from the same court, which supported the classification of cryptocurrencies as property, though that case did not go to trial.

The ruling aligns with the 2023 report by the England and Wales Law Commission, which also classified digital assets as property.

The case was brought by fraud victim Fabrizio D’Aloia, who sought to recover stolen assets, including 400,000 USDT that had been traced to the Thai crypto exchange BitKub.

However, D’Aloia was unable to convince the court that BitKub had been “enriched” by receiving 46,291 USDT allegedly traced from his stolen funds.

Judge Farnhill ruled that while D’Aloia had indeed been defrauded, he could not conclusively prove that BitKub had received his Tether due to the use of crypto mixers, which obscured the flow of funds.

Nicola McKinney, a partner at Quillon Law representing BitKub, explained that the judge acknowledged the possibility of identifying assets in mixed pools but concluded that D’Aloia had failed to provide sufficient evidence linking his USDT to BitKub’s wallet.

The ruling emphasized the importance of clear, well-documented evidence when making claims involving cryptocurrency transactions.

UK Introduces Crypto Legislation

The decision comes just one day after the UK government introduced a new bill aimed at clarifying the status of digital assets, including non-fungible tokens (NFTs), cryptocurrencies, and carbon credits, as “things” and “personal property” under the nation’s property laws.

The UK has been among the countries that have ramped up regulatory efforts following some high-profile bankruptcies last year.

The Financial Conduct Authority (FCA) oversees crypto activities, focusing on anti-money laundering measures and consumer protection.

Last year, the FCA implemented new rules that require crypto firms to register with the financial regulator and have their marketing materials approved by an FCA-authorized firm.

Key updates include exchanges providing clear warnings to customers about the risks associated with crypto investments.

The FCA has warned that failure to comply can result in criminal charges, including unlimited fines and up to two years’ imprisonment, for domestic and overseas exchanges operating in the UK.

As a result, leading crypto exchanges Coinbase, Revolut, and Binance have updated their mobile and web applications to comply with the new regulations.

The post UK High Court Declares Tether as Property in Ruling After New Regulations appeared first on Cryptonews.

Share9Tweet6ShareSharePin2

Related Posts

Google’s Gemini AI Predicts the Price of XRP, Solana and Cardano by the End of 2025
All news

Google’s Gemini AI Predicts the Price of XRP, Solana and Cardano by the End of 2025

05.07.2025
0

Google’s Gemini predicts that leading altcoins may find new price highs through the latter part of 2025.See, in the last...

Read moreDetails
ChatGPT’s 42-Signal DOGE Analysis Flags Key $0.155 Support Test Amid Musk Drama

ChatGPT’s 42-Signal DOGE Analysis Flags Key $0.155 Support Test Amid Musk Drama

05.07.2025
Solana Price Prediction – Institutional Investor Includes Solana in $100 Million Strategic Fund: Is Wall Street Warming Up to SOL?

Solana Price Prediction – Institutional Investor Includes Solana in $100 Million Strategic Fund: Is Wall Street Warming Up to SOL?

04.07.2025
Macro Meets Crypto: Predicting Prices with CPI, Fed Rates & BTC Dominance

Macro Meets Crypto: Predicting Prices with CPI, Fed Rates & BTC Dominance

04.07.2025
Early Bitcoin Buyer Turns $7,800 into $1 Billion – Here’s What Happened

Early Bitcoin Buyer Turns $7,800 into $1 Billion – Here’s What Happened

04.07.2025
Load More
Next Post
Kraken Responds to SEC Allegations, Claims Digital Assets Do Not Qualify as Securities

Kraken Responds to SEC Allegations, Claims Digital Assets Do Not Qualify as Securities

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Unlocking Bitcoin’s Potential With Ordinals ($ORDI) Token

Unlocking Bitcoin’s Potential With Ordinals ($ORDI) Token

2 years ago
Solana Founder Criticizes Ethereum Community Over False Claims

Solana Founder Criticizes Ethereum Community Over False Claims

2 years ago
Ken Griffin’s Citadel Securities Eyes Crypto Market-Making on Coinbase and Binance

Ken Griffin’s Citadel Securities Eyes Crypto Market-Making on Coinbase and Binance

4 months ago
Shiba Inu: Shytoshi Kusama Teases Upcoming Changes with Profile Picture Update

Shiba Inu: Shytoshi Kusama Teases Upcoming Changes with Profile Picture Update

2 years ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Solana Price Prediction – Institutional Investor Includes Solana in $100 Million Strategic Fund: Is Wall Street Warming Up to SOL?

Macro Meets Crypto: Predicting Prices with CPI, Fed Rates & BTC Dominance

Dormant Bitcoin holder moves $2 billion BTC from 2011 for potential 14,000,000% gain

Early Bitcoin Buyer Turns $7,800 into $1 Billion – Here’s What Happened

Why a handful of altcoins are surging over 30% as Bitcoin trends sideways

Bitcoin Price Prediction – Senator Lummis Pushes Tax-Free BTC Spending Bill: Is This the First Step Toward Mass Adoption?

Trending

Google’s Gemini AI Predicts the Price of XRP, Solana and Cardano by the End of 2025
All news

Google’s Gemini AI Predicts the Price of XRP, Solana and Cardano by the End of 2025

05.07.2025
0

Google’s Gemini predicts that leading altcoins may find new price highs through the latter part of 2025.See,...

ChatGPT’s 42-Signal DOGE Analysis Flags Key $0.155 Support Test Amid Musk Drama

ChatGPT’s 42-Signal DOGE Analysis Flags Key $0.155 Support Test Amid Musk Drama

05.07.2025
XRP Ledger logs 34% in RWA monthly growth, eyes bigger boost from Mercado Bitcoin partnership

XRP Ledger logs 34% in RWA monthly growth, eyes bigger boost from Mercado Bitcoin partnership

04.07.2025
Solana Price Prediction – Institutional Investor Includes Solana in $100 Million Strategic Fund: Is Wall Street Warming Up to SOL?

Solana Price Prediction – Institutional Investor Includes Solana in $100 Million Strategic Fund: Is Wall Street Warming Up to SOL?

04.07.2025
Macro Meets Crypto: Predicting Prices with CPI, Fed Rates & BTC Dominance

Macro Meets Crypto: Predicting Prices with CPI, Fed Rates & BTC Dominance

04.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz