According to a report released by law firm Hogan Lovells, a Hong Kong district court defined cryptocurrency as property “capable of being held in trust” in a “Gatecoin-related case.”

Earlier news, the Hong Kong-based cryptocurrency trading platform Gatecoin announced in 2019 that it would close and begin liquidation. In this case, the plaintiff company attempted to recover disputed funds from a former Gatecoin payment service provider. (CoinDesk)