Are cryptocurrencies considered property for legal purposes?

It is often thought that the law is slow, and unable to keep up with technological change - although it is important to note that this is not always the case.

More often than not, the law is sufficiently clear, but is effectively sitting in wait for someone to launch a challenge over a new piece of technology, in order for it to actually be applied.

Whilst cryptocurrency is a relatively recent invention, the case of B2C2 Ltd v Quoine Pte Ltd [2019] has confirmed that this new form of currency can be held to the same rules and restrictions as other more established currencies, and that it can be legally defined as property.

Background to the Case The defendant in this matter is Quoine Pte Ltd (Quoine), a company which operated a currency exchange platform set up to enable third parties to trade standard currencies (e.g. Singapore or US dollars), as well as a range of cryptocurrencies.

The plaintiff, B2C2 Ltd (B2C2) traded on Quoine's platform.

The current dispute between the two parties involves two separate cryptocurrencies - Bitcoin (BTC) and Ethereum (ETH) - of which Bitcoin has historically had a higher value, as...