Bitcoin is here to stay as Crypto redefined as Property not Security

Bitcoin is here to stay as Crypto redefined as Property not Security

What a wonderful end to the week or more so for the Eastern hemisphere, for those in the west you're just rolling up to the end of the week but it is still a wonderful period none the less. It's as if each week that passes by Bitcoin becomes more and more cemented into the current world.

As something that commenced purely as a dream that only a handful of initial investors sought to throw a few dollars at and than become millionaires. Had the entirety of the mainstream media, governments and regulators around the world against, has finally come to a point of acceptance.

Acceptance the world over that Crypto currency can't be stopped through aggressive anti regulation and instead must be supported and nurtured through positive regulations. The void of Governments the world over and their hardline approach thinking it was a fad and not acting caused a series of events the occur that has caused billions of dollars to be scammed and many the world over to lose a lot of money.

So the latest news comes as an absolute buzz knowing that the market can have confidence that it will remain. Some other news may entirely change regulations as digital assets have just been redefined.

Singapore Judgement

A recent case in Singapore has just completely changed the game in relation to what crypto currency is as this is a core thing many governments have been trying to distinguish.

First, a bit about the case. A former employee of Bybit allegedly stole USDT and cash from the company transferring it to their own wallets amounting to USD4.2 Million in value at the time.

The employee said she didn't do it and it was her "brother" but the court didn't buy her excuse and ordered her to repay or more so, transfer the funds back to ByBit. But the case is more important than just what occurred it is actually a game changer for every commonwealth nation and here's why.

The Commonwealth

So for those that don't know the Commonwealth is pretty much ye ol English Empire although consisting of former British colonies that are now liberated nations who have rejoined. Singapore joined in 1965, Australia, New Zealand, Canada and many many more former British invaded countries have remained within the commonwealth.

Bit like Stockholm syndrome but on a global national level where the invaded developed a psychological bond with the people who are doing harm to them. We wonder why the world is cooked currently. Which is why we are all backing Blockchain which aims to provide a decentralised financial system away from these old guard power brokers.

But the important aspect is that Singapore has now defined Digital assets as property not securities which throws an entire massive spanner into the works. You might be thinking why? who cares? it's just one nation. Well, this is where the commonwealth thing comes into play. All commonwealth nations have the same legal system under common law.

Common Law Principles

Now I am going to provide a very very basic overview of the importance of this decision and it is not going to be 100% correct because there is a lot more to it but in a very basic sentence. foreign judgements can be enforced (terms and conditions apply) so long as they have common law principles.

So effectively, now that a commonwealth nation that has common law principles has had a legal finding by its courts that digital assets are property. You can bet your left toe that right about now every other crypto currency lawyer is filling their folios with that piece of information and will utilise it in current and future court cases.

Will it work?

Well, that is for people who get paid a lot more than me in the legal field and I wouldn't be surprised if it does work. I think we will begin to see this case referred in other court cases around the world and judges aren't always keen on making conflicting findings against other common law magistrates so it is very much a wait and see which I highly doubt there will be much waiting.

The main reason in the judgement is that the judges ruling revolved around comparing crypto to shells or beads, they have no value what so ever and are just a digital code. Their value is derived based on the value people are willing to pay for them at the time, therefore it doesn't mimic a security and more of a bead or shell.

Well Lions, Grab a beer, recline back and watch this one battle out in the courts around the world because it will.

image sources provided supplemented by Canva Pro subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services.