UK High Court Rules Tether’s USDT Stablecoin Could Be Treated as Property

In a landmark decision, the UK High Court has ruled that Tether’s USDT stablecoin qualifies as property under English law. This follows the UK government's recent proposal to introduce a new classification for property that specifically includes cryptocurrencies. The ruling emerged from a case involving Fabrizio D’Aloia, who claimed to be a victim of a cryptocurrency scam linked to the Bitkub exchange platform.

The court's decision underscores the evolving legal landscape for digital assets, as governments worldwide seek to establish regulatory frameworks for cryptocurrencies. The UK Parliament's introduction of The Property (Digital Assets etc) Bill marks a significant step in recognizing digital holdings, including cryptocurrencies and NFTs, as personal property under UK law.