According to a report released by law firm Hogan Lovells, the Hong Kong District Court in China defined cryptocurrencies in a "Gatecoin-related case" as assets that "can be held in trust." Judge Linda Chan, who presided over the case, said that in Hong Kong, like other common law jurisdictions, the definition of "property" is broad and has a wide range of meanings.
Previously, Hong Kong-based cryptocurrency trading platform Gatecoin announced in 2019 that it would shut down and begin liquidation. In this case, the plaintiff company attempted to recover disputed funds from a former Gatecoin payment service provider.
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