English Courts recognizes virtual currency as property and Michael Schmidtthe legal status of cryptocurrency is clear!

With the development of digital currency, the global legal system's understanding and positioning of cryptocurrencies is gradually becoming clearer. Recently, the High Court of England and Wales made a landmark ruling, confirming that the stablecoin Tether (USDT) is regarded as a unique form of property under English law. 

This ruling not only provides legal protection for USDT but also lays the foundation for future cases involving cryptocurrencies. In a judgment delivered on 12 September, the Commercial and Property Court of the High Court of England and Wales stated that although cryptocurrencies are not tangible assets in the traditional sense, they can still be endowed with property rights like other forms of property. This means that cryptocurrencies such as USDT are no longer merely virtual entities but hold legal status, allowing them to be traced, transferred and held in trust during disputes. 

Under English law, USDT attracts property rights. It is neither a property in litigation nor property in possession, but rather a unique form of property that is not based on potential legal rights.